In one of a series of big-money deals changing business in Hollywood, the actor recently sold her production firm to a group backed by investment company Blackstone.
Reese Witherspoon: it's the big prize this timeImage: Reuters/L. Nicholson
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When news broke last week that Reese Witherspoon — star of Legally Blond and Wild — had sold her production company Hello Sunshine to a group backed by private equity giant Blackstone Group, no one in Hollywood was really surprised.
The size of the deal was jaw-dropping: Blackstone has reportedly paid $500 million in cash for a majority stake in Hello Sunshine, valuing the company, which produces HBO's Big Little Lies, Apple TV's The Morning Show and Hulu's Little Fires Everywhere, at around $900 million, the Wall Street Journal reported.
But there is a lot of money sloshing around show business right now. Amazon recently agreed to buy MGM studios for $8.45 billion and television group Discovery, whose TV networks include Animal Planet, TLC and the Discovery Channel, in May announced a $43 billion merger with WarnerMedia, the group that owns film studio Warner Bros. and television channels HBO and CNN.
Top films and series of 2020: attention-grabbing during pandemic
The American Film Institute has announced the top ten movies and series of 2020. Here's a pick of our favorites.
Image: picture-alliance/AP Photo/D. Lee
DA 5 Bloods
Directed, produced and co-written by Spike Lee, 'Da 5 Bloods' is a war movie about five Vietnam war veterans. The film was the last movie released in actor Chadwick Boseman's lifetime. Boseman plays the role of Norman, the squad eader of the five "Bloods."
Image: picture-alliance/Everett Collection/Netflix/D. Lee
Ma Rainey's Black Bottom
Another Chadwick Boseman film features on the list of top movies released by the AFI. 'Ma Rainey's Black Bottom' was released after Boseman died in August last year. Viola Davis plays the role of the popular blues singer.
Image: David Lee/Netflix/AP/picture alliance
One night in Miami
Cassius Clay, Jim Brown, Sam Cooke and Malcolm X come together in 'One Night in Miami,' a film focused on a life-changing evening for the four cult figures.
Image: Amazon/Everett Collection/picture alliance
Soul
This is first movie created by Pixar Animation Studios to feature an African-American protagonist. 'Soul' tells the story of a musician whose soul has separated from his body. The film features voices of artists including Jamie Foxx, Tina Fey and Graham Norton.
Image: Imago Images/Prod.DB
Bridgerton
A drama set in London during the Regency era, the 'Bridgerton' series made headlines because it cast Black actors in a quintessentially White English story. It immediately grabbed the coveted most-watched spot on Netflix when it was released it December and went on to trend on Twitter. Within a month of the debut, Netflix has now announced it would renewed it for a second season.
The hugely popular Netflix series has also created controversy, with the British royal family complaining that it has been wrongly portrayed. The latest and fourth season of 'The Crown' has actress Olivia Colman playing the role of Queen Elizabeth. Season five is already in the works.
Image: Netflix/AP Photo/picture alliance
The Queen's Gambit
Beauty and brains come together in this gripping series about a young woman who overcomes the odds to become a grandmaster. The series revived the game of chess and also became famous for its protagonist's fashionable wardrobe. The character is played by Anya Taylor-Joy.
Image: Netflix/dpa/picture alliance
Unorthodox
The Netflix show tells the story of Deborah Feldman, who flees an orthodox community in New York. The series is based on Feldman's book, 'Unorthodox: The Scandalous Rejection of my Hasidic Roots."
Image: picture-alliance/dpa/Netflix/A. Molnar
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Every major media company with a strong track record and an A-list celebrity owner —LeBron James' SpringHill Co., Ron Howard and Brian Grazer's Imagine Entertainment, or Westbrook Inc., the film and TV company co-founded by Will Smith and Jada Pinkett-Smith — are reportedly fielding nine-digit buyout offers.
What's driving this spending spree is streaming, according to industry experts. The market for films and television series is booming thanks to the deep pockets, and global ambitions, of video-on-demand platforms from Netflix and Amazon Prime to newer streamers — Disney+, AppleTV+, WarnerMedia's HBO Max — launched by traditional media giants.
But while demand for "content" is skyrocketing, the supply of high-quality films and series — and the writers, directors, producers and actors that can deliver it — remains in short supply. This is leading to a scramble for talent.
Netflix signed major, nine-figure deals with television producers including Ryan Murphy (Glee, Pose) and Shonda Rhimes (Grey's Anatomy, Scandal) to provide a steady supply of movies and series to feed their subscribers' insatiable hunger for more stories.
The streaming boom has mostly been great news for creators, especially for those from once-marginalized groups. Netflix money helped Rhimes create multicultural period drama Bridgerton and gave Murphy the LGBTQ-focused alternative history series Hollywood. But as major studios and media companies push their movies and shows onto their own streaming platforms, they can come into conflict with the creators, who want to ensure the value of their work is being maximized.
See what happened on July 29, when Scarlett Johansson filed suit against Walt Disney Co., claiming Disney violated her contract for the Marvel movie Black Widow, potentially costing her tens of millions of dollars, by releasing the film on Disney+ at the same time it went to theaters.
This is where private investors come in. Wall Street companies like Blackstone are offering film and TV talent an alternative to the studios and streamers. When Reese Witherspoon makes a new series or film for Hello Sunshine, she — together with Blackstone — can sell it to whatever streamer offers them the most money.
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Witherspoon also said the investment was a win for equality, since it meant she could "double down" on her mission to "hire more female creators" to tell their stories. "This is a meaningful move in the world because it really means that women's stories matter," she said in a statement announcing the deal with Blackstone.
Hello Sunshine is just the start. Blackstone is reportedly looking to invest a minimum of $2 billion in new media and entertainment holdings and has hired former Disney executives Kevin Mayer and Tom Staggs to help pick which companies and talent to invest in, according to media reports.
And Blackstone isn't alone in trying to create an independent entertainment company for Hollywood's streaming era. New York investment firm KKR has Leonine, a German media company founded in 2019 that has gobbled up some of the biggest local film firms, including TMG, Universum, as well as TV producers Wiedemann & Berg (makers of Netflix hit, Dark).
European Film Awards 2020 highlight diverse cinema in pandemic times
In their 33rd year, the European Film Awards went virtual. The ceremony was held digitally from Berlin. The big winner of the night was Danish movie "Another Round." Germany meanwhile clinched the award for best actress.
Image: Leif Alexis, Jochen Laube, Fabian Maubach
'Another Round'
"Another Round" was the big winner of the EFAs 2020. The social satire directed by Danish filmmaker Thomas Vinterberg follows four frustrated teacher friends who begin an alcohol experiment in their daily lives. The film won in all four categories it had been nominated in: best film, best director, best screenplay, and lead Mads Mikkelsen for best actor.
Image: Sisse Graum Jørgensen & Kasper Dissing
'Undine'
Paula Beer picked up the award for best actress for her performance in the German love drama "Undine." The film is partly set in Berlin and revives the ancient myth of the water spirit Undine. Director Christian Petzold's film had also been nominated for best film.
Image: Christian Schulz/Schramm Film
'Women Make Film'
One winner has already been announced — in a category that was newly introduced this year: Director Mark Cousins received the new award for "innovative storytelling" for his documentary "Women Make Film: A New Road Movie Through Cinema." The European Film Academy called Cousins' project about overlooked female filmmakers "groundbreaking."
Image: Mark Cousins
'Charlatan'
Around 3,800 members of the European Film Academy (EFA) vote for their favorite films each year. The drama "Charlatan," telling the story of a Czech healer and his political appropriation by changing regimes, was among the frontrunners for the best director prize. In the end, it failed to captivate the academy. Director Agnieszka Holland can now focus her energy on her new role as EFA president.
Image: Šárka Cimbalová, Kevan Van Thompson
'Corpus Christi'
With four nominations, "Corpus Christi" was another favorite that - in the end - didn't quite make it. The film was nominated for best international film at the 92nd Academy Awards, and took 11 prizes at the Polish Eagles film awards. It tells the story of a young criminal who pretends to be a priest after his release — and in this role helps uncover the festering wound that is dividing a village.
Image: Leszek Bodzak & Aneta Hickinbotham
'Martin Eden'
The Italian drama "Martin Eden," based on a Jack London novel, tells the story of a sailor's struggle to become a writer. Martin falls in love with wealthy, educated Elena, but his growing political awareness leads to conflict with her bourgeois family. The film received nominations for lead actor Luca Marinelli, for director Pietro Marcello and for best screenplay - all without success.
Image: Francesca Errichiello
'Berlin Alexanderplatz'
The German drama "Berlin Alexanderplatz" was also vying for the best film award. Director Burhan Qurbani brought Alfred Döblin's eponymous early 20th century novel into the present, touching upon contemporary issues like migration.The film celebrated its premiere at the Berlinale and won five awards at the 2020 German Film Awards, but failed to wow the European Film Academy.
Image: Leif Alexis, Jochen Laube, Fabian Maubach
'Father'
Croatian actor Goran Bogdan plays a desperate father fighting for custody of his children in a corrupt social system. Bogdan was nominated for best actor for his convincing portrayal of the emotionally charged role, which was lauded by many critics. In the end, however, the film directed by Srdan Golubovic did not win any awards.
Image: Maja Medic
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French investment firm MACSF has Mediawan, which owns several French film and TV producers, including the makers of Call My Agent!, another hit Netflix show. Earlier this month, Leonine and Mediawan joined forces to buy Drama Republic, the UK television company behind TV series Doctor Foster and The Honorable Woman, Variety reported.
In an era increasingly dominated by big streaming companies, says Drama Republic co-founder Greg Brenman, private equity gives independent producers more options. "If a global streamer buys your show, they usually want to own it everywhere for all time," he says. Making TV and films with outside money "can be commercially beneficial" for independent creators. "Because you still have control of your show once you make it."
