Reese Witherspoon’s media business, Hello Sunshine, is selling itself to a firm backed by private-equity giant Blackstone Group Inc., the companies said, part of a plan to build an independent entertainment company for Hollywood’s streaming era.
The companies didn’t disclose the terms of the deal. People familiar with the matter said it values Ms. Witherspoon’s company, whose production slate has included programming such as the HBO drama “Big Little Lies,” at about $900 million. The as-yet-unnamed media venture Blackstone is backing will be run by former Walt Disney Co. executives Kevin Mayer and Tom Staggs. Hello Sunshine will be its first acquisition. Ms. Witherspoon and Hello Sunshine Chief Executive Sarah Harden will join the board of the new company and will continue to operate Hello Sunshine.
Blackstone is spending more than $500 million in cash to purchase shares from existing Hello Sunshine investors, including AT&T Inc. and Emerson Collective, some of the people familiar with the matter said. Ms. Witherspoon and some Hello Sunshine executives and investors will roll over the remaining equity into ownership stakes in the new company Blackstone is forming.
Ms. Witherspoon, the actress and entrepreneur who founded Hello Sunshine in 2016, said in an interview that the deal is a major endorsement of her bet that Hollywood needs more stories told by and for women. Other Hello Sunshine titles include Hulu’s “Little Fires Everywhere” and Apple Inc.’s “The Morning Show.”
Way to go, Reese!
Nobody cares
Some greedy, terrible people in Hollywood like her. Some good though.
Why u dont buy? USMNTCOIN
Hollywood money is the greenest
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Can someone explain to me how Reese witherspoons company is worth more than one tenth of fucking mgm?
Ms.ReeseW is there really a need to sell your excellent work/firm to Blackstone Group whose CEO Steven Schwarzman worked for Trump on strategy and policy? It's a bitter pill to reward those, anyone in fact, that has worked so closely with Trump's crime syndicate.😑
Wow
Are they not the same company buying up all the houses out there?
Isn’t that the same company that is buying up all the homes?
Thought this was a passion project to empower women creatives 😔
Mogul ReeseW
Blackstone is gobbling up everything.
I hope the company that’s buying Reese Witherspoon‘s company will have the same vision that she has geared towards women.
Blackstone?! Ugh. They just need to have their hand in everything. They are ruining the housing market for regular people now they can do the same for entertainment.
So close to hitting that Billion!
That’s one smart lady!
So, ReeseW sells hellosunshine to a group that doesn't have one female at the exec level & only 2 on its board. The same company that contributes to the deforestation of the Amazon & purchased homes that impacted POC with high fees & rent increases and aggressive evictions.
Hello Sunshine ☀️ turns into Black hole Sun 🤦🏻♀️
Sheesh BendAndSnap to that 😂😂😂
Blackstone wants to own everything. I don't trust them
Blackstonevis buying everything in America.
Hello Sunshine? She should get IBTAT to do her morning advertising.
It's nice to see celebrities build (and invest in) businesses by leveraging their fan following. 'Fame may be fleeting but passive income is forever.'
Great ReeseWitherspoon 🌞
What a greedy b
Is Blackstone the same group buying up all these homes going for sale, or is that a different investment group?
Shit, Blackstone is gonna own the world
Why even show me these stories? I don't need the capitalistic entertainment industry shoved down my eye sockets. This feels more malicious than me shitting at the doorstep of your hq.
Gawker
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Reese Witherspoon the billionaire.
Stoked for her but 🖕🏼 black stone
What? ReeseW
The rich get richer and the poor get children…
“Independent” and “blackstone” 🤔
“Independent” “equity firm”
The deal values Witherspoon’s company, whose production slate has included series such as HBO’s “Big Little Lies” and Apple’s “The Morning Show,” at about $900 million, people familiar with the matter said
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