What you need to know
- After rumors that Apple was considering buying Reese Witherspoon's Hello Sunshine media business, that now looks not to be the case.
- A firm backed by private equity giant Blackstone Group looks to be picking the business up.
Following rumors that Apple was considering picking up Reese Witherspoon's Hello Sunshine media business, it now looks like that will not be the case after all. Instead, a firm backed by private equity giant Blackstone Group looks to be the frontrunner.
According to a new Wall Street Journal report, the outfit that Blackstone is backing hasn't yet been named but it will be headed by former Disney executives Kevin Mayer and Tom Staggs.
In terms of the amount of money changing hands, $500 million in cash will be just the beginning.
Blackstone is spending more than $500 million in cash to purchase shares from existing Hello Sunshine investors, including AT&T Inc. and Emerson Collective, some of the people familiar with the matter said. Ms. Witherspoon and some Hello Sunshine executives and investors will roll over the remaining equity into ownership stakes in the new company Blackstone is forming.
Witherspoon founded Hello Sunshine in 2016 and it's the company behind Apple TV+ hit The Morning Show — a show that also stars Witherspoon alongside Jennifer Aniston. The entrepreneur says that she will "double down" on the mission to "hire more female creators from all walks of life and showcase their experiences."
Witherspoon's acting career is far from over, of course. The Morning Show has proven hugely popular among fans and critics alike, thanks in no small part to her place on-screen.
If you want to enjoy The Morning Show in style, be sure to check out our list of the Best Apple TV deals on the market today.
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