Reese Witherspoon's Hello Sunshine Announces Big Sale
Private equity giant Blackstone Group Inc. is set to buy Reese Witherspoon’s Hello Sunshine company for $ 900 million as part of its plan to build an independent entertainment company.
The new media company, which has yet to be named, was formed by former Disney executives Tom Staggs and Kevin Mayer and is backed by Blackstone, the Wall Street Journal reported.
Hello Sunshine, which was founded by Witherspoon, 45, five years ago, will be the company’s first acquisition.
Witherspoon, along with Hello Sunshine Managing Director Sarah Harden, will continue to operate the brand and serve on the board of directors of the new media company. The pair will also be major shareholders in the new company. It’s unclear how much Witherspoon and Harden will make from the deal.
Private equity giant Blackstone Group Inc. to buy Reese Witherspoon’s Hello Sunshine company for $ 900 million as part of its plan to build an independent media company
Witherspoon says the deal is a “major endorsement” of her commitment to sharing stories told by women.
“I’m going to double down on this mission to hire more female designers from all walks of life and showcase their experiences,” she said. “It’s a significant movement in the world because it really means that women’s stories matter. ”
Hello Sunshine, which is responsible for several projects including Hulu’s Little Fires Everywhere and Apple Inc.’s The Morning Show, was founded with a mission to put women at the center of all the content it creates.
The actress and entrepreneur said in a statement to Variety that the partnership with Blackstone was a “huge step” in achieving this mission, noting that the deal will allow Hollywood creators to tell “even more entertaining stories,” impactful and illuminating on the lives of women around the world ”. .