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Martha Stewart Living sold for $353m Martha Stewart Living sold for $353m
(about 1 hour later)
The home and lifestyle firm Martha Stewart Living is being sold for $353m (£223m) to a clothes brand management firm, Sequential Brands. The home and lifestyle firm Martha Stewart Living Omnimedia is being sold for $353m (£223m) to a clothes brand management firm, Sequential Brands.
Martha Stewart, who founded the firm in 1997, remains a key shareholder and chief creative officer.Martha Stewart, who founded the firm in 1997, remains a key shareholder and chief creative officer.
She said the merger would "further the growth and expansion" of the brand.She said the merger would "further the growth and expansion" of the brand.
Sales have been falling in the company for the past few years and its image suffered after Ms Stewart was jailed for five months.Sales have been falling in the company for the past few years and its image suffered after Ms Stewart was jailed for five months.
The prison sentence was for an insider trading scandal.The prison sentence was for an insider trading scandal.
"This is a transformational merger for Martha Stewart Living Omnimedia," Martha Stewart said."This is a transformational merger for Martha Stewart Living Omnimedia," Martha Stewart said.
"This merger is positioned to further the growth and expansion of the unique Martha home and lifestyle brand.""This merger is positioned to further the growth and expansion of the unique Martha home and lifestyle brand."
Shares in the firm were down 12%, having surged last week when reports of the deal first emerged.Shares in the firm were down 12%, having surged last week when reports of the deal first emerged.
Martha Stewart Living makes more than half of its revenue from its publishing magazines, such as Martha Stewart Living and Martha Stewart Weddings. It also sells home improvement products sold in department stores such as Home Depot and Macy's.Martha Stewart Living makes more than half of its revenue from its publishing magazines, such as Martha Stewart Living and Martha Stewart Weddings. It also sells home improvement products sold in department stores such as Home Depot and Macy's.
Sequential Brands include Justin Timberlake's William Rast, Avia sports clothing and Linens 'n Things.Sequential Brands include Justin Timberlake's William Rast, Avia sports clothing and Linens 'n Things.