Reese Witherspoon sells Hello Sunshine media business for $900 million

Reese Witherspoon is "thrilled" to have closed a deal to sell her Hello Sunshine media business.

The Academy Award-winning actress founded the company in 2016 with a view to making female-led content, and over the years, the team went on to oversee the production of popular TV shows like Big Little Lies, The Morning Show, and Little Fires Everywhere, as well as grow Reese's Book Club.

In announcement on Monday, Reese confirmed she had reached an agreement with entertainment executives Kevin Mayer and Tom Staggs, who are forming a new media company with backing from investors at Blackstone. Details of the deal were not disclosed, but editors at The Wall Street Journal reported that it was worth approximately $900 million.

"I couldn't be more excited about what this means for our future. I am committed to continuing to create opportunity for filmmakers, authors and creators of all backgrounds and experiences to tell their stories in their own way, and to reach more audiences who will see that their stories matter," Reese said in a statement. "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. I am deeply proud of the team that got us to this incredible moment, and I'm thrilled to be working with Blackstone, Kevin, and Tom to grow a next generation media company. They are committed to helping our mission to empower women and the people who celebrate them. One story at a time."

Reese and Hello Sunshine's existing senior management team, led by chief executive officer Sarah Harden, will continue to oversee the company's day-to-day operations and remain significant equity holders in the business. They will also will join the new media company's board.