Reese Witherspoon's Hello Sunshine has been sold to a new media company backed by private equity firm Blackstone.
Hello Sunshine, which has been behind the films "Gone Girl" and "Wild," as well as Witherspoon’s "The Morning Show" and "Big Little Lies," was acquired for $900 million and will be led by former Disney executives Tom Staggs and Kevin Mayer, Variety reported. Witherspoon and Sarah Harden, Hello Sunshine’s CEO, will still oversee day-to-day operations as members of the board and will remain "significant' equity holders," the outlet further noted.
"Today marks a tremendous moment for Hello Sunshine," Witherspoon said in a statement. “I started this company to change the way all women are seen in media. Over the past few years, we have watched our mission thrive through books, TV, film and social platforms. Today, we’re taking a huge step forward by partnering with Blackstone, which will enable us to tell even more entertaining, impactful and illuminating stories about women’s lives globally."
Witherspoon launched the company as a joint venture with AT&T in 2016, but it only became profitable in 2020. This has not stopped various private equity companies and streamers from taking interest in Hello Sunshine. Apple, which produces Witherspoon's "The Morning Show," was among those interested in buying the company, Variety reported.
"We are thrilled to partner with Reese, Sarah, and the entire Hello Sunshine team," Mayer and Staggs, which have been at the center of the deal, said in a statement.
"Hello Sunshine is a perfect fit for our vision of a new, next generation entertainment, technology, and commerce company. We seek to empower creators with innovation, capital, and scale to inspire, entertain, and delight global audiences with engaging content, experiences, and products."
Mayer and Staggs added that it’s platform was ideal to them because it fosters "a uniquely creator-friendly culture that gives elite talent the resources they need to create and capitalize on their best, most inventive work."
"We look forward to backing Reese, Sarah, and their world-class team as they continue to produce and identify dynamic, engaging content for years to come," the statement added.
Despite the purchase, Hello Sunshine will continue to partner with outside studios and distributors to produce its content.
"I certainly would anticipate that all of the partners we work with now we will continue to work on," said Harden. "For us, we’ll continue to focus on defining those platform-defining shows. And we’re focused not just on what we do but how we do it. We’re intentionally working to change and transform this industry, creating opportunities for creators who have been structurally sidelined for decades."
© 2021 Newsmax. All rights reserved.