Martha Stewart’s Media Company Sold to a Large Lifestyle Group
The Martha Stewart brand is being sold to another media group for $353 million, according to The New York Times.
Martha Stewart Living Omnimedia is a lifestyle brand worth over $1 billion. On June 22, it was sold to Sequential Brands Group for a fraction of that.
"The Sequential team is smart, hardworking, and understands the power and limitless opportunity of the Martha Stewart brand and its formidable design, editorial, and marketing teams," Stewart said in a statement. "I'm looking forward to working with them."
Martha Stewart’s media group is made up of her well-known television shows Martha, Everyday Food, Martha Stewart Living, and From Martha’s Kitchen. She also had magazines like Everyday Food; Whole Living; Martha Stewart Living, which was discontinued last November; and Martha Stewart Weddings, which was taken over by Meredith Corporation. She even created her own lines of home goods and wine.
According to Forbes, Martha Stewart Living Omnimedia has not been profitable since 2003. It hasn’t been an easy road for Stewart. She was arrested in 2004 for illegal business trades and lost a lawsuit against Macy’s.
Sequential Brands Group owns brands like Jessica Simpson, Linens n Things, and Caribbean Joe.