Reese Witherspoon sells production company for $ 900 million


White Spoon

Hollywood hyphen and Oscar winner Reese Witherspoon has agreed to sell his Playa Vista-based media company Hello Sunshine for more than $ 900 million to a new company backed by the capital firm. Blackstone Group Inc.

The deal, which was announced on August 2, came after several companies were interested in the production business of Witherspoon, which develops films, TV series and digital content.

The Blackstone-backed company that made the acquisition is led by former Walt Disney Co. executives Kevin Mayer and Tom Staggs.

Hello Sunshine Managing Director Sarah Harden will join Witherspoon on the board of directors of the yet to be named holding company and will continue to oversee day-to-day operations.

“Today marks a great time for Hello Sunshine,” Witherspoon said in a statement. “I started this company to change the way all women are seen in the media. Over the past few years, we’ve seen our mission flourish through books, TV, movies, and social platforms. Today, we’re taking a big step forward by partnering with Blackstone, which will allow us to tell even more entertaining, impactful and illuminating stories about the lives of women around the world.

Mayer and Staggs spoke to Variety about the company, which they say exemplifies the type of acquisitions Blackstone aims to make with its announced $ 2 billion funding.
Mayer and Staggs did not disclose other acquisition targets, but other media reported conversations between the company and Ron Howard and Brian Grazer’s Imagine Entertainment, as well as LeBron James’ SpringHill Co. production banner. and Maverick Carter.

“We want companies that produce meaningful, category-defining content brands that resonate with the audiences they choose. We want to do this across multiple audiences (sectors), ”Mayer told Variety.

“There are a lot of these businesses that would benefit from the extra size and scale and tie into like-minded media companies with much needed content. We believe there will be a big increase in revenue that will come from tying large companies together, ”he added.

Hello Sunshine was created to generate content by and for women, and it has put together a small but impressive list of projects.

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