Customers have so many options when it comes to the world of streaming. There’s Hulu, Netflix, Amazon Prime, Apple TV, Disney+, and the lists goes on. While there is a foray of distribution channels, the surplus of streaming platforms has enlisted a greater demand for content. In the midst of a content deficit, production companies and studios behind the majority of films and TV shows licensed to these platforms are scrambling to stay afloat and relevant by building on previously existing and proven IPs and franchises. The aftermath is a ton of remakes, sequels, and curated universes.
Every once in a while, someone will create a concept that is a breath of fresh air and infuses the nostalgia of creativity that once was commonplace in the Hollywood stratosphere. Reese Witherspoon not only has done that, but she’s also managed to secure a deal that’s valued at $900 million.
A majority stake in her company Hello Sunshine, a media and content hub the actress started in 2016 that focuses on producing female-led films and TV shows, was bought in a venture deal backed by entertainment executives Tom Staggs and Kevin Mayer, both who are former Disney execs, and global investment firm Blackstone Group, Inc. Blackstone is providing the investment capital. Witherspoon and Hello Sunshine CEO Sarah Harden will oversee daily operations, join the board of directors, and remain equity holders at Hello Sunshine.
“The rapidly growing demand for high-quality content is one of our firm’s highest-conviction investment themes,” Joe Baratta, Global Head of Private Equity at Blackstone said. “We are excited to have partnered with Kevin and Tom, and now Reese, Sarah and Hello Sunshine – a pioneer and category leader in the historically underserved market of female-focused content. Reese is a visionary founder and entrepreneur who has built an extraordinary business with a long runway for continued expansion.”
“I started this company to change the way all women are seen in media,” Witherspoon said. “Over the past few years, we have watched our mission thrive through books, TV, film and social platforms. 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. 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.”
Hello Sunshine has produced award-winning shows, such as “Little Fires Everywhere,” “Big Little Lies,” “Truth Be Told,” and “The Morning Show,” and Reese’s Book Club that has fostered TV and film adaptations and 2.1 million followers. The company also built its value with 18 Emmy nominations in 2020, and was named Fast Company Magazine’s No. 2 Most Innovative Company in Media for 2020 and Time Magazine’s 100 Most Influential Companies of 2021. Under the new media company, Hello Sunshine will continue to provide feature films, unscripted television, podcasts, audio storytelling, digital and animated series.
“We began Hello Sunshine with a clear vision and an ambition to build a female-powered media company that centered on women’s stories, and it has been incredible to work alongside Reese and the entire Hello Sunshine team to turn that vision into a reality,” Harden said. “Kevin and Tom and our partners at Blackstone see what we see – women’s stories matter, and we have economic power as consumers, creators and business leaders. Their commitment enables us to double-down on our mission and our ambitious growth agenda. Reese and our whole team are honored to be part of this new media company from the beginning and to have the opportunity to help shape its future.”
Blackstone has been intentional with investing in female spearheaded ventures. Previously, the firm bought a majority stake in dating platform Bumble, led by Whitney Wolfe Herd. Bumble is unconventional in that it enables women to initiate the dating conversation or what is being called the “first move.”
