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Hollywood star Reese Witherspoon sells her production company Hello Sunshine to a new media group backed by financier Blackstone. “This is proof that female stories are important,” the actress said.
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Reese Witherspoon (45) has been one of Hollywood’s highest-paid actresses for years, but it’s her behind-the-scenes role that now takes her all the way to the upper reaches of Tinseltown. Witherspoon sells her production company Hello Sunshine for reportedly $900 million to a newly formed media company led by Disney veterans Kevin Mayer and Tom Staggs.
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The mission of that media company, which has yet to be named, is to become the production company for the streaming era. With money from private equity giant Blackstone, it wants to buy a lot of production houses, in order to become the main supplier of streaming services that are shooting up like mushrooms. In order to win the necessary souls, they are all hungry for good series and films.
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The essence
- Reese Witherspoon sells her production company Hello Sunshine to a new media company for $900 million.
- Hello Sunshine was born out of frustration. Witherspoon was dissatisfied with the roles offered to her.
- Witherspoon is cashing in, but will also receive shares in the new company and remain active in production.
- Her net worth is estimated at $400 million.
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Hello Sunshine has already earned the necessary spurs in that area. Founded in 2016 by Witherspoon, the production company has recorded hits such as ‘Big Little Lies’ (HBO), ‘Little Fires Everywhere’ (Hulu) and ‘The Morning Show’ (Apple). The company’s pipeline also looks good, including the blockbuster series ‘From Scratch’ for Netflix and ‘The Last Thing He Told Me’ with Julia Roberts for Apple.
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Women’s scarcity
Witherspoon decided to start producing films and series herself in 2012 out of frustration with the roles being offered to her. She saw a sign that there was an urgent need for a feminine touch on the makers side, with an eye for female stories. At first she focused on film with the production company Pacific Standard, but in a world where television became more and more important, that company evolved into Hello Sunshine in 2016.
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For Witherspoon, the deal is the best proof that she was right almost a decade ago. “This is a meaningful match as it proves that women’s stories matter,” the statement said.
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The sale does not end its mission either. Witherspoon is raising as much as $120 million in cash for part of her 40 percent stake in the company, she also converts some of her capital into shares of the new media group. She will also continue to lead the production house, along with Hello Sunshine CEO Sarah Marsden.
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book club
Witherspoon is not only influential in the field of film and television. The actress has also become one of the US’s foremost trendsetters in literature. With Reese’s Book Club, the actress tips books by mainly female authors to an audience of 2.1 million members. 42 of the 50 tips she already gave made it to the bestsellers list.
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Meanwhile, the book club lives in symbiosis with the audiovisual work. Many of the movies and series that Hello Sunshine produces are edited versions of the books that first passed through the club. That is a good thing, because they can immediately count on a committed audience of millions. Moreover, the authors are so grateful for the promo that Hello Sunshine is often ahead when it comes to acquiring rights.
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Perhaps Witherspoon’s own story is gradually worthy of a book and a movie. The net worth of the actress, who already broke through in Hollywood at the age of 16, is estimated at 400 million dollars.
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