The deal, which is backed by non-public fairness big Blackstone, values Whats up Sunshine at $900 million.
Whats up Sunshine is owned by Witherspoon, her husband and former CAA agent Jim Toth and Seth Rodsky, in addition to buyers AT&T and Laurene Powell Jobs’ Emerson Collective. Witherspoon and CEO Sarah Harden will proceed to run the corporate and stay fairness holders. They can even be a part of the board of the brand new media firm.
The corporate has beforehand produced HBO’s Huge Little Lies, Apple TV+’s The Morning Present and Hulu’s Little Fires In all places, all of which additionally star Witherspoon. The Wall Road Journal first reported the sale.
Whats up Sunshine’s sale comes on the heels of different main acquisitions — together with Amazon’s buy of MGM and Discovery’s takeover of WarnerMedia — as firms combat to compete in an more and more crowded streaming market.
Staggs and Mayer have been looking for quite a lot of offers in current months for his or her still-unnamed media firm. Blackstone has backed the corporate with a warfare chest of at the least $2 billion, with the agency’s head of personal fairness Joe Baratta saying in an announcement Monday that “the quickly rising demand for high-quality content material is considered one of our agency’s highest-conviction funding themes.”
Staggs and Mayer mentioned in an announcement that “Whats up Sunshine is an ideal match for our imaginative and prescient of a brand new, subsequent era leisure, know-how, and commerce firm.”
“We search to empower creators with innovation, capital, and scale to encourage, entertain, and delight international audiences with participating content material, experiences, and merchandise,” they added. “Our platform will foster a uniquely creator-friendly tradition that offers elite expertise the assets they should create and capitalize on their finest, most creative work. We sit up for backing Reese, Sarah, and their world-class group as they proceed to supply and determine dynamic, participating content material for years to return.”
In February THR reported that the firm was looking to roll up Scooter Braun’s Ithaca Holdings and Ben Silverman’s Propagate Content material. In the end Ithaca Holdings sold to South Korea’s HYBE group.
In an announcement, Witherspoon mentioned the deal “will allow us to inform much more entertaining, impactful and illuminating tales about girls’s lives globally. I couldn’t be extra enthusiastic about what this implies for our future. I’m dedicated to persevering with to create alternative for filmmakers, authors and creators of all backgrounds and experiences to inform their tales in their very own method, and to achieve extra audiences who will see that their tales matter.”
https://www.hollywoodreporter.com/enterprise/business-news/reese-witherspoon-hello-sunshine-sale-1234978326/ | Reese Witherspoon Manufacturing Firm Whats up Sunshine Bought For $900M – The Hollywood Reporter