Reese Witherspoon sells “Hello Sunshine” for $900 Million
Reese Witherspoon filled her pockets in an instant with the blockbuster sale of her production company, “Hello Sunshine”, for an eye-popping amount of $900 million. After months of negotiations for the Los Angeles-based production company, a deal was eventually struck with an undisclosed media company backed by known private equity firm Blackstone Group Incorporated.According to a report from Variety, Witherspoon and Hello Sunshine CEO Sarah Harden will still be involved with the production firm as both board members of the top brass and overseers of the company in its daily operations. Witherspoon and Harden will also retain their majority stake in Hello Sunshine moving forward.
The Hello Sunshine sale is a part of Blackstone Inc.’s plan to establish an entertainment company which will enter a highly competitive industry in Hollywood in the form of online streaming. As of writing, this undisclosed business venture will be run by former Disney management employees Tom Staggs and Kevin Meyer.
Article Submitted By Neil Gregorio
Neil Gregorio is a graduating university student who writes as a hobby; when he is away from the keyboard, he spends his time watching Japanese animated shows and jamming out to his favorite rock music.