Reese Witherspoon's company, Hello Sunshine, is being sold for $900 million, five years after she founded it.
The 45-year-old movie star's company is selling itself to a new media company formed by former Disney executives Tom Staggs and Kevin Mayer, according to The Wall Street Journal.
The new firm is being backed by private equity giant Blackstone Group Inc, per the outlet.
The latest: Reese Witherspoon's company, Hello Sunshine, is being sold for $900 million. The 45-year-old movie star's media company is selling itself to a new company formed by former Disney executives Tom Staggs and Kevin Mayer, according to The Wall Street Journal; seen April 25, 2021 at the 93rd Annual Oscars in Los Angeles
The acquisition will be the first for the as-of-yet untitled firm; they are planning on acquiring other content companies, per WSJ.
Variety's insiders revealed that they are looking into rolling several smaller media companies together.
Reese and the company's CEO Sarah Harden will continue to serve as board members and oversee day-to-day operations, the outlet reported.
Variety reported that they will continue to be significant equity holders in the new venture.
WSJ's sources revealed that Blackstone is spending $500 million in cash to purchase shares from the current investors in Hello Sunshine, which consist of Emerson Collective and also AT&T Inc.
Details: The new firm is being backed by private equity giant Blackstone Group Inc, per the outlet
Hello Sunshine's past projects include Big Little Lies, The morning Show, Little Fires Everywhere, Gone Girl and Wild.
It was founded by Reese, Seth Rodsky, Peter Chernin and AT&T.
Reese said in a statement to Variety: 'Today marks a
