Stewart, who owns 46.2 percent of Martha Stewart Living, will become a significant shareholder in Sequential and serve as its chief creative officer. The company also merchandises home improvement products, sold by retailers such as Home Depot Inc and Macy's Inc. Martha Stewart Living gets more than half its revenue from its publishing business, which includes the Martha Stewart Living and Martha Stewart Weddings magazines. The company's fortunes have suffered over the past few years as falling sales in its publishing business forced it to cut back on magazine issues and convert some titles to digital-only editions. She stepped down as CEO and chairwoman in 2003 but was reappointed chairwoman in 2012. Sequential Brands Group Inc is to buy Martha Stewart Living Omnimedia Inc in a deal that values the media and merchandising company at about 353 million. NEW YORK, Ap(GLOBE NEWSWIRE) - Sequential Brands Group, Inc.
She was briefly imprisoned following her conviction in 2004 in an insider trading case.
Sequential brands group inc buys martha stweart tv#
Stewart, who founded the company in 1997, has found both fame with her cookbooks, TV shows. The per-share offer is a sliver of what the stock was valued at in 1999 - it touched nearly $47.50 on the day it listed. He added that the deal would give the Martha Stewart brand access to international markets. Sequential Brands, which owns the Jessica Simpson brand and had formerly owned Martha Stewart’s brand, filed for bankruptcy protection on Tuesday. Noble Financial Capital Markets analyst Michael Kupinski said the offer was "too low" and if the company was sold in bits, the sum of parts would be about $8 per share. Sequential's $6.15 per share offer represents a premium of 21 percent to Martha Stewart Living's closing on June 17, a day before the Wall Street Journal first reported the deal. It bought a majority stake in the Jessica Simpson brand in April.
New York-based Sequential Brands, which buys and licenses out brands, owns Justin Timberlake's William Rast clothing brand among others. June 22 (Reuters) - Homemaking maven Martha Stewart's media and merchandising firm Martha Stewart Living Omnimedia Inc is selling itself in a $353 million cash-and-stock deal to Sequential Brands Group Inc.
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