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Media

Reese Witherspoon’s Hello Sunshine sold for $900 million

By
Alexandra Steigrad
Published Aug. 2, 2021, 12:53 p.m. ET

Reese Witherspoon’s entertainment startup Hello Sunshine has been sold for $900 million to a firm backed by private-equity giant Blackstone Group.

Witherspoon’s media firm — whose shows include HBO’s “Big Little Lies,” Apple’s “The Morning Show” and Oscar-nominated thriller “Gone Girl,” is the first acquisition for the yet-to-be-named Blackstone-backed media venture, which will be run by former Disney execs Kevin Mayer and Tom Staggs.

Witherspoon and Hello Sunshine chief executive Sarah Harden will join the board of the new company and will continue to operate the business.

According to The Wall Street Journal, which first reported the sale, Blackstone is spending more than $500 million in cash to purchase shares from existing Hello Sunshine investors, including AT&T and Laurene Powell Jobs’ Emerson Collective.

An image of Reese Witherspoon with Jennifer Anniston sitting at an anchor's desk in "The Morning Show."
Witherspoon starring with Jennifer Anniston in “The Morning Show,” one of Hello Sunshine’s hit shows. Apple TV+

Additionally, the “Legally Blonde” actress and some Hello Sunshine executives and investors will roll over the remaining equity into ownership stakes in the new company Blackstone is forming.

“Today marks a tremendous moment for Hello Sunshine,” Witherspoon said in a statement Monday. “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.”

Founded in 2016, Hello Sunshine launched as a joint venture between AT&T’s Otter Media and Witherspoon, who started the company with the mission to tell more stories in Hollywood for women and by women.

Nicole Kidman, Shailene Woodley, Reese Witherspoon jogging on the beach in "Big, Little Lies"
“Big Little Lies” is one of Hello Sunshine’s marquee properties that drew interest from the Blackstone-backed media company. Hilary Bronwyn Gayle

The sale of Hello Sunshine comes at a time when demand for streaming is at an all-time high and media deals are hot. There’s already been much buzz over possible sales of smaller media and production companies like LeBron James’ SpringHill Entertainment and Imagine Entertainment, the company founded by Brian Grazer and Ron Howard.

Mayer and Staggs have been at the center of this deal-making, leading talks with both firms as they look to roll up smaller media companies, according to reports.

“Our platform will foster a uniquely creator-friendly culture that gives elite talent the resources they need to create and capitalize on their best, most inventive work,” Mayer and Staggs said in a statement. “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.”