Making a change! Reese Witherspoon sold her production company, Hello Sunshine, for $900 million to a media company that is backed by private equity firm Blackstone Group Inc.
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“What a tremendous day! I started @HelloSunshine 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,” Witherspoon, 45, announced via Instagram on Monday, August 2. “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. I couldn’t be more excited about what this means for our future.”
The actress, who created the company in 2016, described her plans to keep offering unique storytelling through multiple media platforms.
“I am committed to continuing to create opportunity for filmmakers, authors and creators of all backgrounds and experiences to tell their stories in their own way, and reach more audiences who will see that their stories matter,” the Legally Blonde star added. “This is a unique time in our world where the intersection of art, commerce and media makes it possible for these creators to tell their stories and Hello Sunshine is here to put a spotlight on their amazing creations.”
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The company, whose mission has been to “empower women and the people who celebrate them,” will continue to include Witherspoon in the day-to-day operations, according to a press release from Blackstone. Former Disney executives Kevin Mayer and Tom Staggs will be joining the team to help run the new business venture.
“We are thrilled to partner with Reese, Sarah, and the entire Hello Sunshine team. Hello Sunshine is a perfect fit for our vision of a new, next generation entertainment, technology, and commerce company,” Mayer and Staggs said in the statement. “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.”
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The Morning Show actress previously opened up about how the production company allowed her to “change things” in the entertainment industry.
“I see younger women in our industry and I want them to have a better experience,” the Whiskey in a Teacup author explained to CBS This Morning in May 2020. “I want to see that they have a beautiful idea of what the future could hold.”
Since its conception, Hello Sunshine has produced projects, including Gone Girl, Big Little Lies, Little Fires Everywhere and Wild. For Witherspoon, the hard work that she put in was worth it for the progress that paved the way for future storytellers.
“I will put in the hours and I bet on myself. I’m my own lottery ticket. I always think that, you know. If no one else shows up, I know I will show up and I know I will do the work,” she said at the time.
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