After buying Brad Pitt’s Plan B Entertainment in 2022 and Peter Chernin’s North Road earlier this year, Mediawan has enlisted another major Hollywood player, Reese Witherspoon‘s Hello Sunshine. As with its previous acquisitions which were financed partly through stock, Mediawan is bringing Witherspoon into its shareholder base, joining a stellar roster of talent and producers who have invested in the Paris-based group, including Pitt, Chernin and Plan B partners Dede Gardner and Jeremy Kleiner, as well as See-Saw’s Iain Canning and Emilie Sherman. The company also launched LuckyChap International, the London-based arm of Margot Robbie’s company, last November.
Mediawan also managed to pick up Hello Sunshine at a fraction of the $900 million valuation the company had when Blackstone-backed Candle Media acquired a majority stake in 2021. Variety understands that Mediawan paid on the lower end of tens of millions of dollars, although Capton declined to disclose the exact figure or financial terms. The bottom line is that we acquired 100% of Hello Sunshine along with Reese and Mediawan, from Candle Media, and the money we’re investing is going toward development and content creation.
It’s truly being invested in the company,” said Capton, who credited Chernin and Jesse Jacobs, former shareholders in Hello Sunshine, for bringing the opportunity to Mediawan. The momentum has shifted in favor of European companies, as traditional Hollywood power players are under pressure to cut costs, streaming platforms are becoming pickier and U.S. indie producers are eager to work in Europe, where they can produce at lower costs and own IP. While Mediawan has made a name for itself in Hollywood in the last five years, another European giant with French roots, Banijay, which just merged with British powerhouse All3Media, is also looking to invest in the U.S. scripted market where it hasn’t yet broken through.
The acquisition of Hello Sunshine by Mediawan also illustrates how much the business has changed since the streaming boom that fueled Hello Sunshine’s previous valuation. Candle Media, founded by former Disney executives Kevin Mayer and Tom Staggs, had bet heavily on Witherspoon’s star power, social media presence and book club, but that model became more difficult to monetize in recent years. On whether Hello Sunshine will fare better under Mediawan than it did under Candle, Capton pointed to the prestigious track record of Witherspoon’s company, notably “Big Little Lies,” “The Morning Show” and the Apple TV series “Lucky,” adapted from a Reese’s Book Club selection.
That said, unfortunately, from time to time, there are investment deals with companies that may be perceived as financial strategies. That’s not the case for us,” said Capton, who worked on the deal alongside Mediawan CCO Elisabeth D’Arvieu and Guillaume Izabel, head of strategy and M&A. That’s what interests us, so we don’t put financial pressure on it.
It’s truly an editorial, artistic and creative addition that we’re seeking.” Capton also said Mediawan intends to bring Reese’s Book Club internationally, including through potential productions in France and elsewhere in Europe. How can we access the IP? How can we co-produce with them?’ There was a very strong desire from all our producers.” “The goal isn’t for Reese to produce more herself, because she’s already produced a lot, but for this to also to fuel and create co-productions with our various producers.
Extract — continue reading at the source.
.jpg)
