Martha Stewart will no longer own the lifestyle empire she founded 18 years ago, but the Bedford resident says it’s a good thing.
Stewart agreed to sell Martha Stewart Living Omnimedia to Sequential Brands Group, whose brands include Ellen Tracy and Linens ‘n Things, in a stock-and-cash deal worth $353 million — a discount price considering the struggling company was once valued at around $2 billion.
“This is a transformational merger for Martha Stewart Living Omnimedia, the company I founded in 1997,” the domestic guru, who will remain the company’s chief creative officer and main shareholder, said in a statement. “This merger is positioned to further the growth and expansion of the unique Martha home and lifestyle brand.”
“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.
MSL will reportedly close the deal with Sequential Brands in the second half of the year.