BIG news from the business front — on Wednesday, Martha Stewart Living announced it had hired Blackstone Advisory Partners to explore a potential sale for the company. The New York Times reports that while "Martha Stewart's shares have dropped more than 70 percent over the last five years," the possibility of a sale caused shares to surge "nearly 24 percent." Links to the full story below.
Martha Stewart Living Omnimedia was founded in 1996, when Martha was 55 years young. (She turns 70 this year.) Stewart told the Times, "Our brand is way, way stronger than the company is big." In addition to hiring Blackstone to scope a sale, Stewart hired the Guggenheim Partners to explore future partnerships or other possible alternatives for the company.
MARTHA-WATCH AROUND THE WEB
• Martha Stewart Living Seeks Buyer or Partner | The New York Times
• Martha Stewart Company Announcement Triggers Sale Speculation | Huffpost Media
• Martha Stewart Living May Sell Itself, Shares Soar | Reuters
• Martha Stewart Critical to Martha Stewart Sale | Business Insider
• 'For Sale' Sign on Martha Stewart | Crain's New York
MORE NEWS FROM THE DESIGN WORLD
• Hotel Missoni Opens in Kuwait | Luxuo Luxury Blog
• Material ConneXion to open 10 libraries throughout China | Editor at Large
• Condé Nast Staffers Already Upset About World Trade Center | Gothamist