fbpx
Monday, September 20, 2021
No menu items!

Reese Witherspoon’s media firm to be sold to Blackstone-backed company

Academy award-winning actress Reese Witherspoon’s media company, Hello Sunshine, is selling itself to a newly formed media firm backed by Blackstone Group Inc for an undisclosed sum.

The sale will value the company at about $900 million, people familiar with the matter told Reuters on Monday (August 2).

Founded in 2016, Hello Sunshine is the women-led production house behind series like HBO’s “Big Little Lies,” “The Morning Show” on Apple TV+ and “Little Fires Everywhere.”

The deal comes as a video streaming war between Netflix Inc, Walt Disney Co’s Disney+ and AT&T Inc’s HBO Max heats up, forcing the companies to spend billions of dollars on content.

“The rapidly growing demand for high-quality content is one of our firm’s highest-conviction investment themes,” Joe Baratta, the global head of private equity at Blackstone, said in a statement.

Earlier this year, Amazon.com Inc announced the purchase of MGM, the fabled U.S. movie studio home to the James Bond franchise.

Blackstone is executing the Hello Sunshine deal through its private equity arm, which had previously bought a majority stake in dating app Bumble Inc’s parent Magic Labs.

The new media company buying Witherspoon’s firm will be led by former Disney executives Kevin Mayer and Tom Staggs.

Its board will include Witherspoon and Hello Sunshine Chief Executive Sarah Harden, who will continue to oversee the day-to-day operations of the production house.

Witherspoon and Harden will also remain significant equity holders of Hello Sunshine.

(Production: Lisa Giles-Keddie)

Latest News

Cedric the Entertainer, Rita Wilson, LL Cool J perform Emmys opening song

The Emmy Awards kicked off on Sunday night (September 19) with a musical ode to television and...

Remains located in Wyoming consistent with Gabby Petito but not 100% identified

Crews searching a national park in Wyoming for missing Gabby Petito have found remains "consistent" with the 22-year-old woman but have not...

Military aircraft crashes into Texas residential area

A military training aircraft crashed on Sunday (September 19) in a residential neighborhood of Lake Worth, Texas, injuring at least two and...

Police release August video of missing Florida woman and boyfriend amid dispute

Police in Utah released a video on Thursday (September 16) of an August encounter with a now-missing Florida woman tearfully describing a...

NZ players reach Dubai after ‘specific, credible threat’ derailed Pakistan tour

New Zealand was warned of a "specific, credible threat" against its team, New Zealand Cricket (NZC) said, elaborating on the rationale for...

More Articles Like This