Reese Witherspoon’s decision to bet on herself and women-led stories is paying off richly: The actress is now worth $400 million,estimates, following Monday morning’s news that a Blackstone-backed media company is purchasing a majority stake in her production company Hello Sunshine.
Prior to the #MeToo movement and widespread calls for gender equity in show business, Witherspoon was frustrated by the roles offered to her and the dearth of women-led stories in Hollywood. In 2012, she founded Pacific Standard, which produced the films. In 2016, her production efforts morphed into Hello Sunshine. The company has a number of projects in development, including the forthcoming Netflix series, starring Julia Roberts.
This hunger for marquee entertainment brands that can stand out in an increasingly cluttered streaming landscape is what fueled Amazon’s $8.45 billion bid to acquire MGM, home of James Bond, Robocop and Rambo; and smaller but notable transactions like Universal Pictures’ $400 million-plus deal to create a new movie trilogy based on the classicMayer and Staggs saw an opportunity in Witherspoon’s Hello Sunshine, whose major stakeholder, AT&T, is looking to exit the entertainment business.
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