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Actress Reese Witherspoon’s media company, Hello Sunshine, is selling itself to a newly formed media firm backed by private equity giant Blackstone Group.
The terms of the deal weren’t disclosed, but people familiar with matter told Reuters the sale will value her company at about $900 million.
Founded in 2016, Hello Sunshine produced the female-driven series "Big Little Lies" on HBO, "The Morning Show" on Apple TV+ and Hulu’s "Little Fires Everywhere" – all of which also starred Witherspoon.
The deal comes amid a streaming war between an ever-growing list of competitors, from relative old-timers Netflix and Amazon Prime Video to newcomers Disney+ and HBO Max – forcing companies to spend billions of dollars on content.
Earlier this year, Amazon announced the purchase of MGM, the fabled movie studio that’s home to the James Bond franchise.
The new as-yet-unnamed media company buying Witherspoon's firm will be led by two former Disney executives, Kevin Mayer and Tom Staggs.
Its board will include Witherspoon and Hello Sunshine Chief Executive Sarah Harden, who will continue to oversee day-to-day operations.
Witherspoon told the Wall Street Journal, which first reported the deal, that it will allow her to double down on her mission to (quote) “hire more female creators from all walks of life and showcase their experiences.”