Reese Witherspoon Sells Her Company Hello Sunshine to a Blackstone-Backed Media Company for $900 Million
A venture backed by Blackstone Group and led by entertainment executives Kevin Mayer and Tom Staggs has agreed to buy a majority stake in Reese Witherspoon’s media company Hello Sunshine.
The terms of the deal weren’t disclosed, but a person familiar with transaction told CNBC’s Julia Boorstin, it was valued at about $900 million.
This is the first acquisition being made by the newly formed company under Mayer and Staggs, who are both former Disney executives. The goal is to build an independent entertainment company for the streaming era. In a battle for subscribers, many streaming services are hungry for new content.
Witherspoon and Hello Sunshine CEO Sarah Harden will continue to oversee its day-to-day operations and will join the yet-to-be-named company’s board.
