Reese Witherspoon sells production firm

Reese Witherspoon has sold her Hello Sunshine production firm for £650 million but she will remain as CEO.

The 'Legally Blonde' star set up Hello Sunshine in 2016 to create more female-focused television dramas - such as the hit series 'Big Little Lies' - but has now decided to sell to a media company backed by Blackstone Group Inc and led by former Disney bosses Kevin Mayer and Tom Staggs.

Reese said in a statement: "I started this company to change the way all women are seen in media. We have watched our mission thrive through books, TV, film and social platforms. 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."

The 45-year-old actress will continue to be Hello Sunshine's CEO alongside Sarah Harden and both will remain equity holders.

Mayer and Staggs said in a joint statement: “We are thrilled to partner with Reese, Sarah, and the entire Hello Sunshine team. Hello Sunshine is a perfect fit for our vision of a new, next-generation entertainment, technology, and commerce company.

"We seek to empower creators with innovation, capital, and scale to inspire, entertain, and delight global audiences with engaging content, experiences, and products.

"Our platform will foster a uniquely creator-friendly culture that gives elite talent the resources they need to create and capitalize on their best, most inventive work. We look forward to backing Reese, Sarah, and their world-class team as they continue to produce and identify dynamic, engaging content for years to come.”

Hello Sunshine's high sale price will no doubt cause a stir amongst the entertainment industry as it only became profitable in 2020, but sources have reportedly told Variety that the investors were keen to snap it up because it's set to release "a number of new projects and initiatives."