The 45-year-old actress and producer is selling the media company Hello Sunshine that she joined in 2016 as a joint venture with AT&T which is valued at $900 million according to Forbes. The media company has produced fan-favorites such as Big Little Lies, The Morning Show and Little Fires Everywhere, while also housing Reese's Book Club.
The company will be sold to a Blackstone-backed media company run by former Disney executives Tom Staggs and Kevin Mayer. Witherspoon and her partner CEO Sarah Harden will still be able to continue to oversee the company's day-to-day operations.
Witherspoon confirmed the news of the transaction in an official statement on Instagram, expressing the company's next step forward is inclusive with an emphasis on the continuation of the progressiveness of women in Hollywood.
"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 shared."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." The star expressed her excitement for the new leadership of Hello Sunshine promising to continue her involvement.
"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." Witherspoon said.
"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."
The Oscar-winning actress concluded," I am deeply proud of the team that got us to this incredible moment, and I'm thrilled to be working with Blackstone, Kevin, and Tom to grow a next generation media company. They are committed to helping our mission to empower women and the people who celebrate them. One story at a time."
Next projects in the making will include adaptions of novels Where the Crowdads Sing, Diasy Jones and The Six and Legally Blonde 3 which will be written by Witherspoon's friend Mindy Kaling. The trilogy of the iconic film is set to release May 20, 2022.
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