Making a change, isn’t she?
Reese Witherspoon’s decision to bet on herself and women-led stories is paying off richly.
The actor recently opened up about the struggles of balancing her busy career alongside motherhood,
saying that the work she does is what motivates her to push through tougher days.
And this attitude seems to be working really well, as Reese just announced that her women-focused
production company is expanding!
In today’s video, we’ll tell you all about the Legally Blonde star’s future plans,
the company value (spoiler alert: $900 million!), and where the “what, like it’s hard”
outlook got her.
Before the #MeToo movement and widespread calls for gender equity in show business,
Reese Witherspoon was frustrated by the roles offered to her and the lack of women-led stories
in Hollywood.
That’s precisely why when she was able to, Reese founded Pacific Standard, which produced
the films Wild and Gone Girl.
Four years later, her production efforts morphed into Hello Sunshine.
And since then, her company has produced a number of successful shows.
Now, the Morning Show star sold a majority stake in her production company to a new firm
run by former Walt Disney Co. execs and backed by the private equity firm Blackstone Group
Inc.
The deal values the actor’s company so highly thanks to its track record of hits like Big
Little Lies, The Morning Show and Little Fires Everywhere, and a promising pipeline of adaptations
of popular books.
“What a tremendous day!
I started @HelloSunshine to change the way all women are seen in media.
Over the past few years, we have watched our mission thrive through books, TV, film and
social platforms,” Reese announced via Instagram on Monday, Aug 2.
The Blackstone deal will enable them to tell even more entertaining, impactful and illuminating
stories about women’s lives globally.
The actor couldn’t be more excited about the future.
The
Legally Blonde star described her plans to keep offering unique storytelling through
multiple media platforms.
She is committed to creating opportunities for filmmakers, authors and creators of all
backgrounds and experiences to tell their stories in their own way and reach more audiences
who will see that their stories matter.
“This is a unique time in our world where the intersection of art, commerce and media
makes it possible for these creators to tell their stories and Hello Sunshine is here to
put a spotlight on their amazing creations,” she added.
Reese has expanded her media empire to include Reese’s Book Club, a natural move given
that a number of her projects are adaptations of female-penned novels.
The club has 2.1 million followers, and 42 out of its 50 picks have made their way onto
the New York Times Best Sellers list — meaning the future film and television versions have
a built-in audience.
The company has several projects in development, including Legally Blonde 3, the forthcoming
Netflix series From Scratch, starring Zoe Saldana, and Apple TV+’s The Last Thing
He Told Me, starring Julia Roberts.
They’re also working on an adaptation of the best-selling novel Where The Crawdads
Sing.
As for Witherspoon, the hard work that she put in was worth it for the progress that
paved the way for future storytellers.
“I will put in the hours and I bet on myself.
I always think that, you know.
If no one else shows up, I know I will show up, and I know I will do the work.”
The actor previously opened up about how her desire to “change things” in the entertainment
business motivates her to push through the more strenuous days.
“I see younger women in our industry and I want them to have a better experience,”
the Whiskey in a Teacup author explained.
“I want to see that they have a beautiful idea of what the future could hold.”
She is now worth $400 million, Forbes estimates.
Witherspoon is one of Hollywood’s most bankable stars and can command sky-high pay.
Reportedly, she earns at least $1 million an episode for her television work — she’s
getting $1.2 million per episode for producing and starring in The Morning Show — and millions
more for film roles.
So, it’s no wonder that once Reese had the money, she has moved increasingly into producing
and creating opportunities for others.
Reese will continue to oversee Hello Sunshine’s day-to-day operations with current CEO Sarah
Harden and hold “significant” equity in the business.
Witherspoon and Harden will also join the new media company’s board.
Mayer and Staggs saw an opportunity in Witherspoon’s company and are thrilled to partner with her
and the whole team.
“Hello Sunshine is a perfect fit for our vision of a new, next-generation entertainment,
technology and content company,” said the execs in a statement.
“We seek to empower creators with innovation, capital and scale to inspire, entertain and
delight global audiences.”
In addition, their platform will foster a uniquely creator-friendly culture that gives
people the resources they need to create and capitalize on their best, most inventive work.
Mayer and Staggs look forward to backing Reese, Sarah, and their world-class team as they
continue to produce and identify dynamic and engaging content for years to come.
The new media venture’s launch comes as multiple Hollywood giants are competing to
expand their streaming services, with the likes of Netflix, Disney+, HBO Max and Amazon
Prime Video hungry for content.
That’s all we have for you today!
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