The actress, who founded the company in 2016, told CNBC’s Julia Boorstin on “Tech Check” Tuesday that this cash infusion will help the fledgling entertainment group grow exponentially.
Witherspoon stated that they are just increasing their focus on their mission. “Now, we will be able to tell more stories, hire more female filmmakers and promote and lift up more authors.”
Hello Sunshine courted a number of offers, including one from Apple. Blackstone Group, led by former Disney executives Tom Staggs and Kevin Mayer, is buying the majority stake. According to a source familiar with the transaction, it is valued at approximately $900 million.
“When we founded the company four and a half years ago, we had a very clear intention about how we wanted it to grow,” stated CEO Sarah Harden. “We took a step back, and asked ourselves, “How do we prepare ourselves for the next five to ten years of growth?”
Witherspoon, Harden and the rest of Hello Sunshine’s operations will be maintained. They will also join the board of directors for the yet to be named company.
Hello Sunshine was founded to produce content that focuses on female voices. It has produced shows such as HBO’s Big Little Lies, Hulu’s Little Fires Everywhere, and Apple’s The Morning Show.
There is a lot of content available on the streaming platforms. Hello Sunshine, which is backed by Blackstone, will be able produce more films and shows, making it more attractive to these streaming platforms. It has an impressive track record of Emmy nominations.
Witherspoon stated that the company was able to tap into the desires of its audience through social media. This community includes those who are members of Reese’s Book Club. Witherspoon actively engages with them. Witherspoon is an avid reader and has been offered a variety of books to be adapted for television.
She said, “We didn’t have these kinds of opportunities seven years back.” “I made movies in a vacuum. I didn’t know who was watching me or what their feelings were. I now have a great one-on-1 relationship with people on social media. … We can quickly figure out what the audience wants to see.
Hello Sunshine is a scripted studio. It also produces unscripted programs and started a division for kids animation 18 months ago.
Witherspoon stated, “I’m excited to expand our mission into animation in order that we can reach more women with the idea that women can be heroes of their own stories and do so authentically with female creators.”
