The deal values Witherspoon’s Hello Sunshine, which was founded in 2016 to tell women-driven stories, at $900 million, 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.
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 Apple TV+’s The Morning Show, according to industry insiders—and millions more for film roles.
Prior to the #MeToo movement and widespread calls for gender equity in show business, Witherspoon was frustrated by the roles offered to her and the dearth of women-led stories in Hollywood.
Witherspoon has expanded her media empire to include Reese’s Book Club, a natural move given the fact that a number of her projects are adaptations of female-penned novels.
With the dawning of the streaming era, the executives saw a chance to capitalize on Hollywood’s nearly insatiable demand for recognizable entertainment franchises and projects featuring top talent.
Mayer and Staggs saw an opportunity in Witherspoon’s Hello Sunshine, whose major stakeholder, AT&T, is looking to exit the entertainment business.
When my reporting isn’t taking me to Hollywood restaurants and Atlanta’s movie lots, I’m writing about the world’s richest, including billionaires and self-made women entrepreneurs.
I’m a Los Angeles-based senior editor for Forbes, writing about the companies and people behind the biggest disruption in entertainment since cable TV: streaming video.