It's a perfect day for Reese Witherspoon as the actress and producer is selling the media company she founded to a newly formed company backed by private equity firm Blackstone Group.
Terms of the transaction were not disclosed but The Wall Street Journal reported that the deal was worth about $900 million.
Witherspoon, known for her roles in films such as “Legally Blonde" and “Walk the Line," created Hello Sunshine in 2016. She will continue to oversee its day-to-day operations along with members of Hello Sunshine's existing senior management team, including CEO Sarah Harden. Witherspoon and Harden will also serve as board members for the new media company run by entertainment executives Kevin Mayer and Tom Staggs.
Hello Sunshine, which focuses on putting women at the center of its stories, creates scripted and unscripted television, feature films, animated series, podcasts, audio storytelling, and digital series – including “Big Little Lies,” “The Morning Show,” and “Little Fires Everywhere.” It is also houses Reese’s Book Club, with many of the club's picks turned into movies or limited series.