Entertainment Movies Reese Witherspoon's Hello Sunshine Media Company Sells, Valued at Nearly $1 Billion The actress’s media company has sold after being valued at $900 million By Alexia Fernández Published on August 2, 2021 01:04 PM Share Tweet Pin Email Reese Witherspoon. Photo: Chris Pizzello-Pool/Getty Reese Witherspoon's Hello Sunshine has sold for a whopping number—even by Hollywood standards. The media company, founded by Witherspoon, has been valued at $900 million in a deal that had Tom Staggs and Kevin Mayer, with the backing of private equity company Blackstone, buying it, according to The Hollywood Reporter. Hello Sunshine has produced several major projects including Big Little Lies, The Morning Show and Little Fires Everywhere, all of which star Witherspoon. The actress owns the company alongside her husband Jim Toth and Seth Rodsky, as well as investors AT&T and Laurene Powell Jobs' Emerson Collective, THR reported. Witherspoon and the company's CEO Sarah Harden will continue to run the company and remain equity holders, as well as join the board of the new media company. For more on Reese Witherspoon selling her media company Hello Sunshine and other top stories, listen below to our daily podcast PEOPLE Every Day. "Today marks a tremendous moment for Hello Sunshine. I started this company to change the way all women are seen in media. Over the past few years, we have watched our mission thrive through books, TV, film and social platforms," Witherspoon said in a statement obtained by The Wrap. Take a Tour of Reese Witherspoon's Female-Focused Hello Sunshine Office She continued, "Today, we're taking a huge step forward by partnering with Blackstone, which will enable us to tell even more entertaining, impactful and illuminating stories about women's lives globally. 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." Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. "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 creation," Witherspoon said. "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." Witherspoon's Hello Sunshine has predominantly adapted films and TV series based on books the actress has read. The company is currently working on an adaptation of Where the Crawdad's Sing and Legally Blonde 3 with Mindy Kaling and Dan Goor writing the script.