Reese Witherspoon‘s major business deal has been followed up with a surprising pivot. After reacquiring control of Hello Sunshine from Candle Media, the Blackstone-backed media company, earlier this month, the actress is already making significant changes to the company.
With the support of the French conglomerate Mediawan, Witherspoon reacquired the banner for just a fraction of the $900 million that Candle Media had paid for it. When she got the company back, the actress wrote in a statement that “the best is still ahead.” Now, she seems to be following up on her words.
Reese Witherspoon’s Hello Sunshine faces a major shake-up after her buyback
Just a few weeks after buying Hello Sunshine back, Variety reports that Witherspoon has already let go of around 30 employees, which is roughly 50% of the company’s staff. According to sources, the company’s new primary focus will be on film and television projects and the Reese’s Book Club brand, with the direct-to-consumer division being dropped.
The company isn’t new to layoffs, though. Under Candle Media, it reportedly saw at least four rounds of staff reduction in the last two years alone, which impacted the unscripted department and the Gen Z-oriented lifestyle brand Sunnie in particular.
In her statement when she re-acquired Hello Sunshine, Witherspoon said, “Mediawan has built a global, independent studio by putting creators first. That has always been my vision for Hello Sunshine.”
“I’m investing alongside Mediawan and joining Pierre-Antoine Capton and his teams because this is the perfect home for this new media landscape. It’s also a homecoming. Peter Chernin and Jesse Jacobs believed in Hello Sunshine from day one. I’m deeply proud of what our incredible team has built, and grateful to Blackstone and Candle Media for their partnership and unwavering support,” her statement continued.
It remains to be seen what more changes the actress will bring into the company as its new leader.