Reese Witherspoon’s media business, Hello Sunshine, has reportedly been sold at a valuation of $900 million

• Reese Witherspoon's production company, Hello Sunshine, is selling to a Blackstone-backed media firm.
• Blackstone is spending $500 million on the deal, which values Hello Sunshine at $900 million.
• "It really means that women's stories matter," Witherspoon told the Journal.
• See more stories on Insider's business page.

Reese Witherspoon's media business, Hello Sunshine, has been sold to a media firm backed by private-equity group Blackstone Group Inc., the companies said in a joint statement to Wall Street Journal on Monday.

Terms of the agreement have not been publicly disclosed, but people familiar with the matter told the Journal the deal gives Hello Sunshine a valuation of about $900 million.

Witherspoon launched Hello Sunshine in 2016 and the production company has delivered several hits with HBO's "Big Little Lies," Hulu's "Little Fires Everywhere," and Apple's "The Morning Show."

"I'm going to double down on that mission to hire more female creators from all walks of life and showcase their experiences," Witherspoon told the Journal. "This is a meaningful move in the world because it really means that women's stories matter."

The Blackstone-backed media firm does not yet have a name, but will be led by former Walt Disney Co. executives Kevin Mayer and Tom Staggs, Deadline reported.

Witherspoon and Hello Sunshine CEO Sarah Harden will join the firm's board following the purchase, and will continue to run the company.

This is a developing story. Please check back for updates.