source familiar with the situation joining me now to discuss is the founder of hello sunshine, reese witherspoon and the company's ceo sarah harden thank you, both, for joining us here today >> thanks, julia nice to be here. >> so it looks like we're still waiting for reese to join. so, sarah, why don't we start with this deal why does it make sense to sell right now? >> well, i think, you know, we started the company four and a half years ago we set out with a very specific intention of how we wanted to build and i think over the last six to 12 months we really started thinking we're 4 1/2 years into the bill, scaling very quickly and we took a step back and said how do we set ourselves up for the next five to ten years of growth. and, you know, one of the things i love about reese in working with here is that we have a huge ambition for the change that we want to make that this industry. and, you know, i think for us as we look ahead and we have our sights set pretty high, i think what we have starting the conversation with blackstone and kevin and tom, you know, for us it seemed like the righ

a source close to the situation says they are buying out current investors including at&t reese witherspoono sarah harden will join the board of this new still unnamed company and will continue to run hello sunshine hello sunshine produces and sells female-driven content across platforms and has a strong record turning books into bestsellers and into hits such as "the morning show," "big little lies" and "little fires everywhere" on hulu. the price tag for the company speaks to the appeal of their female-focused content and the fact there just aren't that many independent studios left out there that can sell content across platforms as most studios are tied up with serving their own streaming platforms. eamon? >> and, julia, that brings up the question with all those independent studios out there who could be acquired next in the wave of acquisitions we may or may not be seeing >> reporter: well, look, i think this is all part of the media consolidation we've seen with the discovery deal and the mgm by amazon. the $1 billion change and lebron james has been working on growing his media comp

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just this week, reese witherspoon sold her production company, hello sunshine. >> we all do bad thingsimes. >> reporter: the company behind "big little lies" and hulu's "little fires everywhere" for an estimated $900 million. reese might not be a billionaire yet. but she is not far behind. >> women are making more headway as super successful entrepreneurs. so, will we see more famous artists and entertainers go into a successful entrepreneurial vein? it's a proven formula for some people. others will likely follow in their steps. >> our thanks to rebecca jarvis. the key here, they're not just sticking to the profession theys acting and singing. they're becoming entrepreneurs and breaking into other industries and finding voids that they can fill. rihanna and her fenty beauty and savage line. she's a billionaire, y'all. >> so many entertainers are athletes like lebron james. yeah. that's how you use your money. your wealth. to create more. >>> coming up, the k-mo tokyo tour. our kenneth moton takes us along to do sightseeing in the most populous metropolitan area in the world. >> from s

have media news venture backed by the blackstone group has agreed to buy majority stake in reese witherspoon'sinclude "big little lies" and "the morning show." witherspoon and the ceo sarah harden will continue day-to-day operations and combine the board. they will appear together on "tech check" at 11:00 a.m. eastern time an interview you don't want to miss. >>> when we come back, a key regulatory decision on the first bitcoin etf. we'll bring you that story after this >> announcer: executive edge is sponsored by at&t business our people and network will help keep you connected let's take care of business. met. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. >>> welcome back to "squawk box. investors are waiting for the s.e.c. to approve an appli

actress and entrepreneur reese witherspoon is selling off a majority stake in her media business to a venture backed by blackstone julia boorstin spoke with her earlier about the deal and joins with us some highlights. hi, julia. >> i spoke with reese witherspoon and ceo sarah harden about the sale of their female-focused media company, for what sources tell me is $900 million. witherspoon saying selling to blackstone-backed company will enable them to sell their products, their series and tv shows, across platforms. >> we're just doubling down on our mission. now we have the ability to tell more stories, to hire more female filmmakers, to promote and lift up even more authors. i'm excited to get more involved in digital creators. and it is really -- it is fascinating to see how a company like this, that started just four years ago canreally resonate with audiences. >> a key advantage of the content model is they build direct connections with fans starting with books are published through reese's book club they develop those relationships with fans and develop the books into series an

do not miss academy award winning actress and hello sunshine founder reese witherspoon with us alongsale. it is coming up at 11:30 a.m. eastern time sptsetngought here dow up 86. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web. because platforms this innovative, aren't just made for traders - they're made by them. thinkorswim trading. from td ameritrade. - [narrator] at southern new hampshire university, we're committed to making college more accessible by making it more affordable. that's why we're keeping our tuition the same for all online and campus programs through the year 2022. - i knew snhu was the place for me when i saw how affordable it was, i ran to my husband with my computer and i said, "look, we can do this." - [narrator] take advantage of some of the lowest online tuition rates in the nation. find your degree at snhu.edu. team usa is ready for the olympic game

vertically are part of a plan to build an electric aircraft network across brazil in 2025. >>> reese witherspoon'sdeal backed by private equity firm blackstone values the company at $900 million. witherspoon set to join the board there and continue to run hello sunshine her company makes movies and tv series that focus on women including the hbo hit big little lies and apple tv's good morning show you can catch witherspoon and sarah harden on tech check at 11 a.m. cnbc. >>> on wall street, the dow down 97 s&p down 8 the nasdaq up 8. >>> i'm shepard smith on cnbc. it's the bottom of the hour. time for the top of the news >>> emotional reunions at heathrow airport after tight travel restrictions lifted in the u.k. >>> a tragic ending to a first date a ticktock star dies after being shot ina movie theater. >>> secretary of state blinken announcing a new policy. >> the u.s. opening up the refugee program to even more at-risk afghans as the taliban hunts them down. secretary blinken says afghans who did not qualify for special visas but are in serious danger can apply. for example, that includes afghan

backed by private equity giant blackstone and that company is buying out a majority stake of reese witherspoon's" valuing that company at about $900 million according to a source familiar now, witherspoon and "hello sunshine" ceo sarah harden will join the board of this new company and continue to run hello sunshine, which produces and sells female driven movies and seriesacross platforms lik "the morning show" on apple tv plus and "big little lies" on hbo among others this speaks to the growing demand for content, particularly by streaming platforms as this whole battle in the transformation of the industry plays out. carl >> incredible, kevin mayer is everywhere as well julia, thank you julia boorstin. >>> joining us to weigh in on the debate, cnbc contributor kara swisher good morning good to see you. >> good to see you >> i've been wondering what you made of the johansen lawsuit there was maybe some liabilities. you said on twitter you thought it was a smart take. >> it was an essay in the hollywood reporter pointing out that a lot of the -- a lot of the stuff just because they have done thi

i had trouble coming up not who reese witherspoon as because she's been around since weekly wanted. well before. but of 4 years ago, 4 years ago change. she started a company called hello sunshine. it's geared towards having women voices in tv and movies. i could come up a little big lies. i've never heard of little fires everywhere which son hulu apple's morning show was critically acclaimed. but no one i know he watches it. so she's done 3 big productions that i can figure out and she 900 million good for her streaming platforms need next stop will probably be lebron james and his spring company. if lebron pulls off getting, you know, 750 million. he will crack 1 billion dollars in lifetime, earnings people like messi in jordan. arnold palmer. tiger woods michael schumacher and whether floyd so not very many people in james about do it because his production company is going next. that's impressive yet, daryn, by the way, says those shows are fantastic. >> she recommends you check them out. apparently there a pretty good so all right. rob, little fires everywhere you will have a w

. >>> reese witherspoon's business empire is growing.ng sold to a media firm for a reported $900 million. witherspoon and her senior managers will continue to run the company which focuses on stories by and for women. it's helped produce tv shows including "the morning show," "big little lies" and "little fires everywhere." >>> disneyland is set to unveil a new magic key program which will replace the popular annual passports. an email was sent out to legacy pass holders yesterday teasing details about an announcement later today. the annual passes were around for almost four years before disney canceled them in january in the middle of the park's covid related shutdown. anne-marie, it's been soone i've will nice to finally get ba >> ah, knows the long lines and waiting hopefully to get on each ride. no, i totally agree with you. you know, magic key sounds really good. a lot better than annual pass. elise preston at the new york stock exchange. thank you so much, elise. >>> up next, the play of the day in baseball. a surprise visitor is

. >>> reese witherspoon is selling her company. the terms of the deal weren't disclosed but the value is estimated to be around 900 million dollars. they produce big little lies. she will remain with the company as a member of its board of directors. that's your cbs money watch report. for more head to cbs money watch.com. at the new york stock exchange. >>> let's get a look from oakland. it was just one of the plates places where spirit airline passengers encountered trouble. they were lined up at ticket counters when 300 flights were canceled. weather and operational challenges were to blame. >>> the time is 4:46. let's get a check of the weather and traffic. >> hey. good to have you with us this morning and gianna as well. we are looking at low clouds and areas of fog. that on shore flow for us. we are starting off the day with a little more cloud cover compared to yesterday. as we head through the afternoon, especially inland. we will see the temperatures on the rise. warmer compared to yesterday. here is a live look with the t

reese witherspoon has sold a majority stake in her production company, hello sunshine to a new firm runy executives. the deal is also backed up by blackstone. valuing the company at $900 million. that is the bloomberg business flash. anna. anna: laura wright in london with your business update. coming up, spiritual opium. that is what a chinese news -- 11% earlier in the session. we go live to hong kong for the latest. this is bloomberg. ♪. ♪ anna: welcome back to the european market open. 22 minutes into our trading session that is dealing with a number of issues. weak momentum in the united states overnight. and negative feelings about the gaming industry in china. chinese tech is once again in focus. this time it is tencent at the center. the stock diving after an offshoot of china's official news agency criticized video games. we are joined by our tech reporter. good to have you with us again. what does the state media say? >> early in the morning, we saw an article from a newspaper owned by china's top news agency. it was an investigative piece. the report argued gaming addiction i

actress reese witherspoon has sold a majority stake in her production company hello sunshine, a dealtlights the market for original movies and tv shows. the buyer is a new but as yet unnamed firm run by former top disney execs and backed by blackstone. bloomberg has learned the deal values the company at about $900 million. hello sunshine produced shows like hbo drama " big little lies" and the apple tv plus series "morning show." coming up, we will speak with jason gardner about how his company is powering brand-new commerce features for google pay users. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. emily: welcome back to "bloomberg technology." i'm emily c

actress reese witherspoon has sold a majority stake in her production company hello sunshine, a dealspotlights the market for original movies and tv shows. the buyer is a new but as yet unnamed firm run by former top disney execs and backed by blackstone. bloomberg has learned the deal values the company at about $900 million. hello sunshine produced shows like hbo drama " big little lies" and the apple tv plus series "morning show." coming up, we will speak with jason gardner about how his company is powering brand-new common -- brand-new commerce features for google pay users. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do

reese witherspoon, oprah winfrey, mindy kaling.of investors walked away from this in the early stages. deena, what did you see that other investors did not? deena: thanks. women's health has been under invested in, and frankly, under innovated in sof r -- in for so long. not only do women represent 50% of the population, but 80% of the dollars spent in health care. it is a critical wage into outcomes in this country. also represents one of the biggest cost centers for employers. employers are now seeing attrition in the workforce for having employees experiencing melted health crises that they deal with working from home and taking care of their children, and taking care of their parents. and it's time that women's health is not at the forefront of where it should be, at the center of health care. maven clinic emerged as the clear category winner in a space that is finally getting the attention that it deserves. emily: kate, what are you seeing that works best on the platform? where are users engaging most? where do you see the mos

and just this week reese witherspoon sold her production company hello sunshine. >> we all do bad thingses" and hulu's "little fires everywhere" for an estimated $900 million. reese might not be a billionaire yet, but she's not far behind. >> women are making more headway as super successful entrepreneurs so will we see more famous artists, entertainers go into successful entrepreneurial vein, it's proven formula for some people so likely others will follow. >> reporter: and she's not the only person to capitalize on her huge social media presence. rihanna has over 100 million followers on twitter and instagram, but she is the most successful beauty business founder to do so, robin. she maintains a 30% stake estimated by "forbes" in her fenty businesses and that is huge to her success as is the inclusively angle. she'lyadof her business a o ep everyonincled that big umbrella. >> oh, ella, ella, see what you did there. what else set these entrepreneurs apart as they take things really to the next level here? >> reporter: i think this is really important for everyone. yes, we're talking ab

a new media firm backed by blackstone officially has snapped up reese witherspoon's hello sun shine production company for $900 million. the winners of the bidding war for witherspoon's hitmaker behind the morning show and big little lies run by none other than disney dynamic duo kevin mayer and tom sags. reese herself will join the currently unnamed company's board. blackstone is trading not too dramatically in any one direction here. same with apple which had reportedly expressed early interest in hello sunshine. as we look at owl of those, let's bring it over to foot locker, stumbling at this hour. the purchase of two rivals, shares are down 1.25% for foot locker, and capris holdings sitting pretty after upgrades. the stock up 2.25%. a win streak on better than expected quarterly are results and a rebound in the luxury market really pretty much the catalyst for the bullish move here. right now as you see it's moving up. but we also have levi strauss buttoning up big gains as steeple has started shares at a buy, good enough for a 4.8% bounce for the stock. post-pandemic closet cleaning kicks

one of the big stories there tonight reese witherspoon selling to hello sunshine to blackstone group.. that is tonight's live look outside the beltway from "special report." we'll be right back. ♪ ♪ ♪ on this perfect day ♪ nothing's standing in my way ♪ on this perfect day ♪ when nothing can go wrong ♪ can it's a perfect day ♪ someone once told me, that i should get used to people staring. so i did. it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory. get ready - our most popular battery is even more powerful. the stronger, lasts-longer energizer max. >> woman: what's my safelite story? the stronger, lasts-longer i see inspiration right through my glass. so when my windshield cracked, i chose safelite. they replaced the glass and recalibrated my safety system. that's service i can trust. >> singers: ♪ safelite repair, safelite replace. ♪ priceline will partner with even more vegas hotels to turn their unsold rooms into amazing deals. delegates, how do you vote? (cheering) ♪ yes, y-y-y-yes, yes... ♪ that is freaky. (applause) good boy! [laughs] ♪

what you want to be is shonda rhimes or reese witherspoon able to sell your creation for $900 millionright not have to shift from platform to platform depending on who is handing out cash as an incentive to stoke engagement on their platform >> there is a few things going here obviously when you're buying stock, you want to have a die fer diversified portfolio. and then they're seeing that their followership, that's like what's most valuable for them, and then of course as we all learned in the media, you know, relying on a social network like facebook or snap for traffic, that can be turned on and off with the push of a button, right? it is some hard lessens for creators, but not like they're powerless either like, users are noticing that creators are leaving and if your favorite creator is gone, it is also very easy to switch download a different app they have some leverage as well. >> i was going to ask you about leverage, sal, and who has it right here because of the earnings that we got this past q2 season, snap was up there as one of best prints and i wouldn'ter wonder y could a

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reese witherspoon's company which produced hbo's "big little lies" and the morning show. remember amazon paid up what, 8 1/2 billion dollars for mgm which makes the james bond movies and other tv catalogs and tv productions as well. added element of celebrity. nike may pay $350 million for spring hill which lebron james's production company. you trying to get eyeballs to stay on amazon prime and apple tv pluses. moonlight, you remember the oscar-winning movie, that production house is up for $3 billion. a-24. these are premium prices. you can imagine a few years ago they probably worth weren't this much. in a matter of years with netflix, spending 16, $17 billion on content every year, other technology companies are willing to catch up and spend. stuart: content is king? susan: yes. stuart: sure is now. videogame publishers, all of them way down. is china at it again? susan: unfortunately so if you're a videogame investor this morning. so last night we had china's biggest video game provider, one of the largest technology companies tencent, owns epic games which makes for

francine: and there is a huge operation that made reese witherspoon one of the highest-paid actresseshe started her own company when it came to content and filmmaking. away from films, what is going on in the markets? mark: not a lot, which is why it is a great time to think about what films you would like to watch, what you are going to do for the holidays. in this environment, i think a theme for all of august is going to be the same. i think we are going to have low liquidity moves, some panic selling and assets. i thing those opportunities will be bought into not just by the retail community, but by the institutional investors in september. i am effecting more scares, but it is not fundamental. i think the fentanyl outlook is positive. francine: just for you, mark, i checked the release date for "top gun." december 17, 2021. not long to wait. you can check out mliv . futures pointing to a slightly unchanged start yet again. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does.

former executives from disney kevin mare and tom staggs, the new venture that just purchased reese witherspoon. meming up at 11:30 a.m. each ck tiba in a moment. ugh, these balls are moist. or is that the damp weight of self-awareness you now hold in your hands? yeah (laugh) keep your downstairs dry with gold bond body powder. 6>>> later on the "closing bell," starts at 3:00 p.m. eastern. we'll be right back. don't go anywhere' innov truly absorb the natural goodness. new chapter. wellness, well done. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. you have the best pizza in town and the worst wait times. you need to hire. i need indeed. indeed you

. >>> and reese witherspoon doting mom of three loves her kids. ny of them at all because the school year started. reese captioning this video. when the kids go back to school and you have the house to yourself. ♪ won't stop, won't stop the beat, go ♪ >> eating the cake and -- >> kids are gone. dancing around the house i'm sure that's common for a lot of moms. >> going nuts. common for a lot of moms out there. a lot of smiling parents. >> lots of parents. >> that is your "pop start." >> good stuff. >>> straight ahead, are you noticing women wearing these dresses everywhere >> yes. >> what makes the exercise dress, what it's called, one of the hottest fashion trends our style expert has all of the answers and things you can buy right after your local news. >>> good morning. 8:26. i am marcus washington. firefighters this morning are battling a new wildfire about 30 miles east of stockton. it is burning in calaveras county. it prompted a slew of evacuations when it started. it is 10% contained and flames burned 700 acres. schools in the area will be

. >> deirdre bosa, thank you watch 11:00 a.m., reese witherspoon a deal to sell her media firm to a companyfinal thoughts today an odd market day. spill into the close, not a lot of damage done beneath the surface, though, potentially worrisome finds looking at the economy ten-year yield falling to 115 selling around 117 that shows buying a bonds, nervousness there, saw it in europe, german ten-year going more negative. crude oil bown 3.5%. protection against selling like the vix was higher. and then we married from the fed governor saying ready to tape irby october if we get a few good jobs reports. >> you mentioned japan, a big impact not much in the move of the dollar despite big moves in u.s. stocks a very strong day in asian trade. we'll see if that carries over to tomorrow. i'm just sad i'm not in the u.s. i cannot watch david's hosting of "jeopardy." going to be the first time i finally watched this show that everyone talks about and am trying to understand the format of the questions which i still don't ge. >> oh, my gosh it's legendary, actually i grew up watching it. i'll tape it

we saw the reese witherspoon deal for $900 million. >> i haven't really looked at it closely.e anything to comment there. i do think what's happening is we're seeing a lot of m&a activity in the traditional legacy media business. the reason for that is that you've got traditional legacy media companies putting together direct to consumer services and trying to aggregate enough content to make that happen. and that's a trend that's just great for viewers because it's resulting in more service offerings for them to choose from it's great for their economics they can spend less than they used to spend on traditional -- great selection of content great for roku because our business is to distribute content. so if you look at results in the quarter, $500 million plus in platform revenue, that was driven by two areas. one is advertising obviously, advertisers are moving to streaming. but also content distribution. all the new direct to consumer services are a big driver of that as well and using roku's tools to help build their audience >> your name anthony is often thrown around wh

we're going to begin with the other morning show, the make believe one with jennifer aniston, reese witherspoonnd season. here is your first look. >> i'm not going to get edged out. >> i feel like i'm bringing in my big sister to clean up my mess. >> you couldn't have planned it any better, stepping away when you did. >> i was broken, doug. >> yeah. >> ratings have been down. this network has to clean up its act. >> trying to get ahead of this coronavirus thing. >> four. >> someone should cover it. >> bradley can do it. >> three. >> don't forget this is your show. >> and we're back. >> i know i come with a history that not all of you love. >> one. >> that trailer confirming the show will tackle the pandemic and as you saw there are a few new faces joining the cast including will arnett who plays alex's agent and julianna margulies who plays a news ch. aniston taking to instagram to share the trailer, writing so proud of the team and counting down the days until you can see the new season for yourself and reese chimed in with a comment that simply said let's go. let's go, indeed. as apple tv say

well, reese witherspoon is saying hello to a billion dollar deal, she is selling her production companye. the deal is set to be worth more than 900 billion. hello sunshine produced hits like the morning show and hbo's big little lies. quite a payoff, dagen. those are your headlines. dagen: yeah. i didn't watch the morning show. thumbs down. [laughter] cheryl: i did. i admit it. dagen: not doing it. not paying for apple tv either. thank you, cheryl. house republicans meantime very serious, releasing a report yesterday on the origins of covid-19. congressman michael mccall who spearheaded the report going after what he calls the chinese communist party's coverup. >> it's the greatest coverup in human history. i think the chai fees communist party are very concerned about this report coming out, telling the truth. the fact of the matter is, they were playing with fire. they were genetically manipulating at the lab this gain of function that was taking place. dagen: the probe showing the coronavirus did indeed leak from the chinese research facility in wuhan. the wuhan virology institute, s