Reese Witherspoon Selling Her Production Company for Massive Sum

Reese Witherspoon's media company, Hello Sunshine, is about to have a new home, with the Wall Street Journal reporting that the company has been sold to a firm backed by private-equity giant Blackstone Group for around $900 million. The sale was later confirmed in a press release, though the price was not included.

The new venture backed by Blackstone was launched by former Disney executives Kevin Mayer and Tom Staggs and Hello Sunshine is its first acquisition. Witherspoon and Hello Sunshine CEO Sarah Harden will join the board of the company and will to continue to operate Hello Sunshine. They, along with other executives, will maintain an ownership stake in Hello Sunshine.

"Today marks a tremendous moment for Hello Sunshine. I started this company 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 said in a statement. "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 Oscar winner continued by sharing that she is 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."

"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," she said. "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."

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Witherspoon founded Hello Sunshine in 2016 in order to create content focusing on stories about women. It is the production company behind multiple shows including Apple's The Morning Show, HBO's Big Little Lies and Hulu's Little Fires Everywhere, all of which Witherspoon has starred in. Hello Sunshine is currently working on adapting the novel Where the Crawdads Sing, which was one of Witherspoon's Book Club selections, into a 3000 Pictures/Sony movie and it also has Legally Blonde 3 for MGM.