Reese Witherspoon’s media company, Hello Sunshine, is looking to sell. According to reports, the business behind the HBO smashes Big Little Lies has been approached by bidders and is weighing its options. Witherspoon owns Hello Sunshine with partners Seth Rodsky and Jim Toth, a former CAA agent, and Witherspoon’s spouse. AT&T’s Otter Media and Lauren Powell Jobs’ Emerson Collective are among the other investors.
Hulu’s Little Fires Everywhere and Apple’s The Morning Show are two more productions. According to the Wall Street Journal, sources close to the matter believe the firm may be worth up to $1 billion in a sale.
It’s a time of fast media consolidation characterized by a search for content to fuel an army of streaming services. MGM was just purchased by Amazon for $8.45 billion. One of the parties believed to be interested in Hello Sunshine is Apple. It’s unclear whether any contract will be struck, but the outreach demonstrates that large media and internet firms are casting a broader net.
AT&T and Discovery announced in May that they will merge WarnerMedia’s premium entertainment, sports, and news assets with Discovery’s premier nonfiction and international entertainment and sports businesses to form a new entity. AT&T severed the cord on WarnerMedia only three years after purchasing Time Warner and releasing HBO Max but found it difficult to compete in a competitive market due to other financial responsibilities such as spectrum, fiver, and 5G.