Reese Witherspoon’s five-year-old media firm, Hello Sunshine, is increasing its attain. The starry entity, which was based by Witherspoon in 2016, has been bought to a media agency backed by private-equity group Blackstone Group Inc, The Wall Street Journal reported on Monday. Hiya Sunshine has reportedly been valued at $900 million, individuals conversant in the deal informed WSJ.
The corporate, which has already spawned a movie and TV manufacturing firm, its personal VOD community (full with Witherspoon’s first-ever speak present, Shine on with Reese), and e-book membership, facilities on tales by and for girls. Hiya Sunshine has produced movies similar to Gone Woman and Wild and reveals together with HBO’s Large Little Lies, Apple’s The Morning Present, and Hulu’s Little Fires In all places. “I’m going to double down on that mission to rent extra feminine creators from all walks of life and showcase their experiences,” Witherspoon stated in a press release. “It is a significant transfer on the earth as a result of it actually implies that ladies’s tales matter.”
Reports started to flow into final month that Hiya Sunshine was contemplating a sale and will obtain a $1 billion valuation. The presently unnamed media partnership between Blackstone and Hiya Sunshine will probably be headed by former Walt Disney Co. executives Kevin Mayer and Tom Staggs. Hiya Sunshine is the primary acquisition for the agency, which can retain Witherspoon and her firm’s Chief Govt, Sarah Harden, as members of their board. Blackstone is reportedly shelling out greater than $500 million in money to buy shares from Hiya Sunshine’s buyers.
The sale of Hiya Sunshine to Blackstone is “a part of a plan to construct an unbiased leisure firm for Hollywood’s streaming period,” WSJ experiences. It comes amidst a time when high-profile stars like Scarlett Johansson are bucking in opposition to the concept of their movies debuting concurrently on streaming and theatrically. Like initiatives of Hiya Sunshine’s previous, its upcoming slate consists of diversifications of well-liked novels—the movie The place The Crawdads Sing and Amazon sequence Daisy Jones and The Six.
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https://www.vanityfair.com/hollywood/2021/08/reese-witherspoons-media-company-hello-sunshine-reportedly-sells-for-900-million | Reese Witherspoon’s Media Firm Hiya Sunshine Reportedly Sells for $900 Million