What is Reese Witherspoon's net worth? Actress' company 'Hello Sunshine' sold for $900M
Actress Reese Witherspoon’s production company 'Hello Sunshine' has been sold for more than $900M to a media company backed by the private equity firm Blackstone Group Inc. Hello Sunshine’s CEO, Sarah Harden and Witherspoon, apart from remaining significant equity holders, will join the board of the new company and continue overseeing day-to-day operations. Former Disney executives Kevin Mayer and Tom Staggs will be running the still-unnamed media venture by Blackstone.
Witherspoon said in a statement, "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. 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."
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Mayer and Staggs said in a statement, "We are thrilled to partner with Reese, Sarah, and the entire Hello Sunshine team. Hello Sunshine is a perfect fit for our vision of a new, next-generation entertainment, technology, and commerce company. We seek to empower creators with innovation, capital, and scale to inspire, entertain, and delight global audiences with engaging content, experiences, and products." The statement further added, "Our platform will foster a uniquely creator-friendly culture that gives elite talent the resources they need to create and capitalize on their best, most inventive work. We look forward to backing Reese, Sarah, and their world-class team as they continue to produce and identify dynamic, engaging content for years to come.”
Found in 2016 as a joint venture with AT&T’s Otter Media, Hello Sunshine became profitable only in 2020. According to reports, Blackstone paid more than $500M in cash to buy shares of Hello Sunshine from its current investors including AT&T and Emerson Collective. It’s not clear at the moment if the pact and the valuation also encase some kind of earn-out based on meeting certain performance criteria. Hello Sunshine's most-talked-about projects include films like 'Gone Girl', 'Wild', 'The Morning Show' as well as 'Big Little Lies'. The company also has the popular Reese’s Book Club. Hello Sunshine recently moved into podcasting and family entertainment. Hello Sunshine’s CEO Sarah Harden said in a statement, "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."
What is Reese Witherspoon's net worth?
One of the most popular and highly paid entertainers in the world, Reese earns $20M to $40M per year. In 2000, Reese founded her production company named, 'Type A Films'. She merged her company with Bruna Papandrea's company 'Make Movies' in 2012, and named the new company 'Pacific Standard'. In 2016, Reese became the majority owner in 'Pacific Standard' after Bruna Papandrea's exit in 2016. In the same year, Witherspoon and a private equity executive named Seth Rodsky formed a new company called Hello Sunshine as a joint venture with Otter Media and Pacific Standard became a subsidiary under Hello Sunshine. According to Celebrity Net Worth, Reese's net worth is estimated to be $300M.