Reese Witherspoon’s Media Company Sells to Blackstone-Backed Firm
Hello Sunshine’s New Ownership
Hello Sunshine, Reese Witherspoon’s media business, is being sold to a Blackstone (BX)-backed firm. The companies did not share terms of the deal, though Hello Sunshine has been valued at about $900 million.
Blackstone is purchasing shares from current investors in Hello Sunshine, including AT&T (T) and Emerson Collective. Witherspoon and other Hello Sunshine executives will receive ownership stakes in the new company which Blackstone is creating.
Witherspoon Believes Viewers Need Content by and for Women
Hello Sunshine’s production slate includes the HBO series Big Little Lies, the Hulu drama Little Fires Everywhere, and Apple’s (AAPL) The Morning Show. Witherspoon said in an interview that her company’s success illustrates how viewers crave more media created by and for women.
In discussing the deal, Witherspoon said, “This is a meaningful move in the world because it really means that women’s stories matter.” The actress and entrepreneur said she plans to continue hiring more female creators and executives as the company moves forward.
Hello Sunshine’s Advantages Over the Competition
Platforms are scrambling for content as competition intensifies in the streaming industry. Just like Hello Sunshine, the new company will be able to license its shows and movies to any platform. This gives Hello Sunshine an advantage over larger studios, like Disney (DIS), which put content out only on their own streaming platforms.
Hello Sunshine also runs Reese’s Book Club, which selects books for members and helps to publicize them. By forming relationships with authors early, Hello Sunshine has an advantage in jockeying for the rights to convert books into shows and movies. Investors will be on the edge of their seats to see what comes next.
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