Reedy diagrams in symmetric monoidal model categories

Given a small category $I$ and a closed symmetric monoidal category $\mm$, we show that the diagram category $\mm^I$ with the objectwise product is a closed symmetric monoidal category. We then prove that if $I$ is a Reedy category and $\mm$ has a model structure compatible with its product, then so is the Reedy model structure on $\mm^I$ provided that $\mm$ is cofibrantly generated.