Sale price of Martha Stewart Living disappoints shareholders
Sequential Brands is buying media and merchandising group for only US$300 million after subtracting net cash
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New York
MARTHA Stewart Living Omnimedia Inc finally agreed to sell itself. The agreed-upon price left shareholders disappointed.
The company founded by home-decor and lifestyle guru Martha Stewart said on Monday that it's being bought by Sequential Brands Group Inc for US$6.15 a share, or about US$300 million after subtracting net cash. For that price - a fraction of the company's peak market value more than a decade ago - Sequential Brands gains access to a media and merchandising enterprise with a brand recognisable to millions.
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