From $900 Million to Rock Bottom: How Reese Witherspoon's Hello Sunshine Cratered After Candle Media's Big Bet | Analysis

In 2021 Candle Media co-CEOs Tom Staggs and Kevin Mayer took a massive bet on Reese Witherspoon's Hello Sunshine when they acquired a majority stake in the company at a head-scratching $900 million valuation. Financial experts questioned the decision. But at the time, they were confident. "This is a new-fashioned model that we're pursuing," Mayer told TheWrap at the time. "And I honestly think this is where successful media companies will all gravitate towards, but we're kind of leading the charge." Did the former Disney executives see something in Witherspoon's production . . .