Ex-Disney+ Execs Buy Reese Witherspoon’s Media Company For New Streaming Venture
Reese Witherspoon’s media company, Hello Sunshine, has been purchase by an unnamed media company backed by private equity firm Blackstone Group and run by former Disney+ executives Kevin Mayer and Tom Staggs. Hello Sunshine is the first purchase for the media company’s new streaming venture.
The Wall Street Journal first reported the sale on Monday. The media company was purchased for $900 million, sources confirmed to Variety. The Wall Street Journal reports that Blackstone paid over $500 million in cash for shares of Hello Sunshine.
“Today marks a tremendous moment for Hello Sunshine,” Witherspoon said in a statement. “I started this company to change the way all women are seen in media. Over the past few years, we have watched our mission thrive through books, TV, film and social platforms. Today, we’re taking a huge step forward by partnering with Blackstone, which will enable us to tell even more entertaining, impactful and illuminating stories about women’s lives globally.”
Both Witherspoon and Hello Sunshine’s CEO, Sarah Harden will still be involved in the company. They will be on the board and continue to be significant equity holders.
“We are thrilled to partner with Reese, Sarah, and the entire Hello Sunshine team,” Mayer and Staggs said. “Hello Sunshine is a perfect fit for our vision of a new, next-generation entertainment, technology, and commerce company. We seek to empower creators with innovation, capital, and scale to inspire, entertain, and delight global audiences with engaging content, experiences, and products. Our platform will foster a uniquely creator-friendly culture that gives elite talent the resources they need to create and capitalize on their best, most inventive work. We look forward to backing Reese, Sarah, and their world-class team as they continue to produce and identify dynamic, engaging content for years to come.
Hello Sunshine was founded in 2016 with AT&T’s Otter Media. Laurene Powell Jobs’ Emerson Collective is one of its investors.
Additionally, Hello Sunshine is making its podcasting debut and has plans for family programming, which will be available to streamers.