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After reportedly being considered for purchase by Apple. Reese Witherspoon's Hello Sunshine media company, which is behind a number of Apple TV+ originals, is selling itself to a Blackstone-backed firm.
Although the terms of the deal haven't been disclosed, The Wall Street Journal reported Tuesday that it values Hello Sunshine at about $900 million. The name of the media company that Blackstone is backing is also unknown, but will be run by former Disney executives Kevin Mayer and Tom Staggs.
Apple was said to be interested in acquiring Hello Sunshine. The company, founded by Witherspoon in 2016, is behind a number of Apple TV+ originals, including "The Morning Show," "Surface," and "Truth Be Told."
Hello Sunshine was reportedly looking to value itself at about $1 billion, which is about the same range as the current deal with the Blackstone-backed firm. Witherspoon and current Hello Sunshine CEO Sarah Harden will join the board of the new company, and will continue to operate Hello Sunshine.
In addition to producing original TV shows, Hello Sunshine also runs a bookclub and maintains a growing podcast network.
Blackstone is also reportedly spending more than $500 million to purchase shares from existing investors in Hello Sunshine, including AT&T and Emerson Collective. The latter company, interestingly, was founded by Steve Jobs' widow Laurene Powell Jobs.