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.

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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.

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