A soon-to-be-established media startup backed by the investment firm Blackstone Group -- which will be led by former Disney execs Kevin Mayer and Tom Staggs -- has acquired Reese Witherspoon’s female-focused media conglomerate Hello Sunshine.
The Wall Street Journal reports that the Blackstone-backed company paid $900 million for Hello Sunshine, including $500 million in cash to existing investors like AT&T andEmerson Collective. The remainder of the sum was paid out via equity ownership stakes in the soon-to-be-formed media company.
The Journal reports that Blackstone is looking to build an independent entertainment company that will license programming to other studios, networks, and streaming services. It is seeking to acquire other media companies, and is reportedly eyeing Will Smith and Jada Pinkett-Smith’s Westbrook Inc.
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The Wall Street Journal reports that the Blackstone-backed company paid $900 million for Hello Sunshine, including $500 million in cash to existing investors like AT&T andEmerson Collective. The remainder of the sum was paid out via equity ownership stakes in the soon-to-be-formed media company.
The Journal reports that Blackstone is looking to build an independent entertainment company that will license programming to other studios, networks, and streaming services. It is seeking to acquire other media companies, and is reportedly eyeing Will Smith and Jada Pinkett-Smith’s Westbrook Inc.
Visit Tubefilter for more great stories.
- 8/2/2021
- by Geoff Weiss
- Tubefilter.com
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