Reese Witherspoon’s media business, Hello Sunshine, has been sold to a media company backed by private equity group Blackstone Group Inc., the companies said in a joint statement Monday to the Wall Street Journal.
The terms of the agreement were not made public, but people familiar with the matter told Variety that Hello Sunshine was sold for approximately $ 900 million.
The yet to be named company, Hello Sunshine – its first acquisition – will be led by former Walt Disney Co. managers Kevin Mayer and Tom Staggs, Deadline reported.
Witherspoon and Hello Sunshine CEO Sarah Harden will join the company’s board of directors following the acquisition and that Keeping the company going.
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