Martha Stewart Living Sold for $353 Million
The empire Martha Stewart constructed on the strength of cooking tips, consumer media and home products will end its tenure as an independent company. Sequential Brands Group, which controls properties like Linens 'n Things and And1, has reached a deal to acquire Martha Stewart Living Omnimedia for $353 million. Stewart will become chief creative officer and remain actively involved in her namesake brand's operations, the companies announced Monday. The deal comes as Martha Stewart Living has been contracting amid a challenging environment for traditional media companies, which have been clobbered by the internet. Sequential is expected to focus primarily on growing Martha Stewart Living's home goods business.