Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Witherspoon to sell company to Blackstone-backed firm

08/02/2021 | 05:41pm EDT

**WARNING: VIDEO CONTAINS FLASH PHOTOGRAPHY

Actress Reese Witherspoon's media company, Hello Sunshine, is selling itself to a newly formed media firm backed by private equity giant Blackstone Group.

The terms of the deal weren't disclosed, but people familiar with matter told Reuters the sale will value her company at about $900 million.

Founded in 2016, Hello Sunshine produced the female-driven series "Big Little Lies" on HBO, "The Morning Show" on Apple TV+ and Hulu's "Little Fires Everywhere" - all of which also starred Witherspoon.

The deal comes amid a streaming war between an ever-growing list of competitors, from relative old-timers Netflix and Amazon Prime Video to newcomers Disney+ and HBO Max - forcing companies to spend billions of dollars on content.

Earlier this year, Amazon announced the purchase of MGM, the fabled movie studio that's home to the James Bond franchise.

The new as-yet-unnamed media company buying Witherspoon's firm will be led by two former Disney executives, Kevin Mayer and Tom Staggs.

Its board will include Witherspoon and Hello Sunshine Chief Executive Sarah Harden, who will continue to oversee day-to-day operations.

Witherspoon told the Wall Street Journal, which first reported the deal, that it will allow her to double down on her mission to (quote) "hire more female creators from all walks of life and showcase their experiences."


ę Reuters 2021
Latest news "Economy & Forex"
01:34aIndian shares hemmed in tight range as energy stocks negate auto losses
RE
01:30aHigher taxes are coming and for markets, that could be a good thing
RE
01:26aCorn drops for fourth day on U.S. harvest pressure, strong dollar
RE
01:10aBMW, Daimler sued for refusing to tighten carbon emissions targets - Handelsblatt
RE
01:03aJPMorgan takes on British rivals with launch of digital bank Chase
RE
01:00aHong Kong shares slip after Evergrande woes rattle global markets
RE
12:52aMEDIA-Uber CEO aims for Ĺfully green’ food-delivery business - Bloomberg News
RE
12:48aCHINA'S PLUNGING DIESEL EXPORTS A BOOST TO ASIA REFINERS : Russell
RE
12:35aMalaysian securities regulator reviews SPAC framework, citing demand
RE
12:35aJapanese finance minister says meeting budget target may take more time
RE
Latest news "Economy & Forex"