Martha Stewart built her Martha Stewart Living Omnimedia Inc. into a lifestyle empire, with her name on nearly everything you can buy at home decor stores. However, she’s about to sell the company according to a report.
The Wall Street Journal reported Thursday that Stewart Living is close to selling itself to Sequential Brands Group Inc. The deal should be announced soon, but terms of the deal are unknown. Stewart, who is still chairman and chief creative officer of the company, did not comment.
Sequential makes its money by buying up brand names and then licensing them to retailers. For example, the company owns names like Linens ‘n Things, Justin Timberlake’s William Rast and 50 percent of Jessica Simpson’s brands.
Stewart, 73, established her company in 1997 and currently has a market value of $370 million after it began bouncing back in recent years. Bloomberg notes that the company’s shares jumped 37 percent since reports of the sale first surfaced.
Part of the company’s current strength can be credited to CEO Daniel Dienst, who has helped solve legal issues with Macy’s and struck merchandising deals with PetSmart and Staples. The publishing of Martha Stewart Living and Martha Stewart Weddings is also now handled by Meredith Corp.
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