Two blockbuster media deals in announced in May — the WarnerMedia-Discovery merger and Amazon’s $8.45 billion acquisition of MGM — was as clear a sign as any that Hollywood’s next chapter would be defined by big streamers spending big to get even bigger — and, presumably, choking out the competition. Now meet its corollary: A new company led by former Disney execs Kevin Mayer and Tom Staggs announced it would acquire a majority stake in Reese Witherspoon’s Hello Sunshine — not with an eye toward building a streaming service, but as the cornerstone of a plan to become a streaming-content powerhouse.
The $900 million price tag for Witherspoon’s company sounds insane by Hollywood standards, and it is: That valuation comes from the tech industry, not from studio comps. More importantly, as box-office and Nielsen impact declines as a metric of clout, the Blackstone-backed deal shows there’s room for major TV...
The $900 million price tag for Witherspoon’s company sounds insane by Hollywood standards, and it is: That valuation comes from the tech industry, not from studio comps. More importantly, as box-office and Nielsen impact declines as a metric of clout, the Blackstone-backed deal shows there’s room for major TV...
- 8/3/2021
- by Chris Lindahl
- Indiewire
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