Apple expressed interest in buying Reese Witherspoon's Hello Sunshine media company

Source: AdWeek

Citing sources familiar with the matter, The Wall Street Journal reports Hello Sunshine is working with investment bankers to explore a potential sale that could see the company valued at as much as $1 billion. Whether Hello Sunshine will find a suitable bidder is unknown, and it is unclear if Apple is still pursuing a deal.

Witherspoon's media company is responsible for hit shows like HBO's "Big Little Lies," Hulu's "Little Fires Everywhere," and a number of current and upcoming Apple TV+ originals including "The Morning Show," "Truth Be Told," My Kind of Country," "Surface," and "The Last Thing He Told Me." Amazon and Netflix also field shows produced by the venture.

While details were left unreported, Apple's interest in Hello Sunshine likely stemmed from the company's prominence in its production schedule.

Several major streaming services are looking for a leg up in what has become a highly competitive sector. Netflix is the clear leader with an enviable slate of exclusives and a steady stream of originals, but upstart services from Disney, HBO and NBC boast massive back catalogs and are narrowing the gap. With customers now seeking fresh content, industry players are keen on securing reliable hit-makers to leapfrog challengers, and are willing to pay large sums for the opportunity. For example, Amazon in May inked a $8.45 billion deal to buy MGM.

Witherspoon shares ownership of Hello Sunshine with Seth Rodsky and her husband Jim Toth. The company's management team, AT&T, and Laurene Powell Jobs' Emerson Collective have equity in the firm.

Along with television series, Witherspoon's brainchild runs a bookclub and is growing a fledgling podcasting network.

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