Reese Witherspoon’s media company will be sold to Blackstone-backed company Reuters

© Reuters. File photo: Reese Witherspoon arrives on the red carpet of the 93rd Oscars in Los Angeles, California, USA on April 25, 2021. Chris Pizzello/Pool via REUTERS

(Reuters)-Oscar-winning actress Reese Witherspoon’s media company Hello Sunshine sold itself to a newly established media company backed by Blackstone Group (NYSE:) Inc for an undisclosed amount.

People familiar with the matter told Reuters that the sale will value the company at approximately US$900 million.

Founded in 2016, Hello Sunshine is the female-led production company behind HBO’s “Big Little Lies”, Apple (NASDAQ:) TV+ “The Morning Show” and “Little Fires Everywhere” series.

The deal is a video streaming war between Netflix Inc (NASDAQ:) and Walter Disney (NYSE:) Co’s Disney+ and AT&T Inc (NYSE:)’s HBO Max are heating up, forcing these companies to spend billions of dollars on content.

“The rapidly growing demand for high-quality content is one of our company’s most persuasive investment themes,” Blackstone Global Private Equity Director Joe Barata said in a statement.

Earlier this year, Amazon (NASDAQ:) announced the acquisition of MGM, a legendary American film studio that owns the franchise rights of James Bond.

Blackstone is executing the Hello Sunshine transaction through its private equity arm, which previously bought a majority stake in Magic Labs, the parent company of dating app Bumble Inc.

The new media company that acquired Witherspoon will be led by former Disney executives Kevin Meyer and Tom Staggs.

Its board of directors will include Witherspoon and Hello Sunshine CEO Sarah Harden, who will continue to oversee the daily operations of the studio.

Witherspoon and Harden will also continue to be important shareholders of Hello Sunshine.

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