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Enforcement: The Federal Trade Commission has begun to warn some companies awaiting merger approval that their deals face further investigation and may be challenged even after an initial review period expires, writes Bloomberg. Read it here.

Hollywood: Reese Witherspoon’s media business, Hello Sunshine, is selling itself to a firm backed by private-equity giant Blackstone, the companies said, part of a plan to build an independent entertainment company for Hollywood’s streaming era. People familiar with the matter told Wall Street Journal it values Ms. Witherspoon’s company, whose production slate has included programming such as the HBO drama “Big Little Lies,” at about $900 million. Read it on WSJ.

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They said it

“We have a fundamental view that growth [companies] will always be highly valued; people always pay for innovation.”

Matt Hobart, co-managing partner of TPG Growth talked me to about the firm's growth fund strategy in an interview for Buyouts.

 Today's letter was prepared by Sarah Pringle

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