Reese Witherspoon's media business, Hello Sunshine, has been sold to a media firm backed by private-equity group Blackstone Group, the companies said in a joint statement on Monday.
Terms of the agreement have not been publicly disclosed, but people familiar with the matter told the Wall Street Journal the deal gives Hello Sunshine a valuation of about $900 million.
Witherspoon launched Hello Sunshine in 2016 and the production company has delivered several hits with HBO's "Big Little Lies," Hulu's "Little Fires Everywhere," and Apple's "The Morning Show," amassing 18 nominations for the 2020 Emmy Awards.
"I started this company to change the way all women are seen in media," Witherspoon said in a statement. "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 to reach more audiences who will see that their stories matter."
The Blackstone-backed media firm does not yet have a name, but will be led by former Walt Disney executives Kevin Mayer and Tom Staggs, the companies said in a statement to Insider. The statement also said the company will be "an independent, creator-friendly home for cutting-edge, high-quality, category-defining brands and franchises."
Witherspoon and Hello Sunshine CEO Sarah Harden will join the firm's board following the purchase, and will continue to run the company.
The new media company will follow in the mode of Hello Sunshine by licensing programs to any studio or network, unlike in-house production companies whose distribution channels are more limited, Mayer said, according to the Journal.
"Our goal is to bring to life different perspectives, different stories, different narratives," Harden told Insider back in 2018. "There are too few stories where you've had women driving action. There's room for excellent storytelling [and] finding the combination of IP, talent and the right partners."
For Blackstone, the move marks a growing interest in the media industry with investments in studios, offices, and intellectual property rights, with the company's global head of private equity, Joe Baratta, citing "long-dated demand for high quality content."
"Reese is a visionary founder and entrepreneur who has built an extraordinary business with a long runway for continued expansion." Baratta said.
