Apple Looks To Buy Reese Witherspoon's Media Company Hello Sunshine: Report

Apple Inc AAPL is among a list of multiple suitors lining up to buy media company Hello Sunshine, the Wall Street Journal reported on Tuesday.

What Happened: The production company founded in 2016 by actress and entrepreneur Reese Witherspoon, in which AT&T Inc T owns a stake, is exploring a sale and fetch a valuation as high as $1 billion.

See Also: Apple Faces Moment Of Truth With Video Streaming Service As Elongated Free Trials End

The Los Angeles, California-based production company that focuses on telling female-driven stories on film and is behind the hit “Big Little Lies”, is working with investment bankers as it explores its options but there is reportedly no guarantee of a deal.

Why It Matters: Hello Sunshine could be an acquisition target for video-streaming companies such as Netflix Inc NFLX, The Walt Disney Co DIS and Amazon.com Inc’s AMZN streaming arm, as they look to keep adding new content and high-profile titles, WSJ noted.

Price Action: Apple shares closed 1.47% higher at $142.02 on Tuesday.

For news coverage in French, Italian, or Spanish, check out Benzinga FranceBenzinga Italia, or Benzinga España.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: M&ANewsMediaApple TV+Hello SunshineiPhoneMedia CompaniesReese WitherspoonSVOD
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!