Blackstone-backed media company buys Hello Sunshine

Hello Sunshine, the media enterprise cofounded by Reese Witherspoon, is getting majority acquired by a Blackstone-backed company run by former Disney executives Kevin Mayer and Tom Staggs, the 2 entities introduced immediately.

Phrases of the deal weren’t disclosed. Beneath the settlement, first reported by the Wall Avenue Journal, a newly fashioned company will make a majority funding in Hello Sunshine, greatest recognized for TV initiatives corresponding to HBO’s Massive Little Lies and the extremely well-liked Reese’s E-book Membership.

Witherspoon and CEO Sarah Harden will proceed to supervise Hello Sunshine’s operations, together with the company’s present administration crew.

“I began this company to vary the best way all ladies are seen in media,” Witherspoon mentioned in an announcement. “Over the previous few years, we now have watched our mission thrive by way of books, TV, movie and social platforms. At the moment, we’re taking an enormous step ahead by partnering with Blackstone, which is able to allow us to inform much more entertaining, impactful and illuminating tales about ladies’s lives globally.”

The deal marks the primary funding for Mayer and Staggs’s yet-to-be named company, to not be confused with the particular function acquisition company, announced in March, that the 2 executives additionally head up.

Mayer, as soon as the top of Disney’s all-important streaming enterprise, left the leisure big final yr to take the reins of TikTok as its CEO, however his tenure there was brief lived. He resigned through the peak of the Chinese language-owned platform’s regulatory points simply three months later. Staggs, as soon as seen as inheritor obvious to Bob Iger, left Disney unexpectedly in 2016.

This isn’t the primary high-profile funding from Blackstone in a women-led company. In 2019, the private-equity big took a majority stake in Bumble, the web relationship platform based by Whitney Wolfe Herd.