Five years ago stock of Martha Stewart Living Ominmedia traded at around $36 a share and founder Martha Stewart‘s TV shows were all over first-run and syndication. Today shares are trading at $2.40 after the company’s board of directors announced that Daniel Dienst has been named CEO to spearhead the strategy of “renewed growth” at the media company, which has its hands in magazines, books, TV and radio. Former CEO Lisa Gersh said in December she was stepping down after having been in the job only a few months. Dienst is a turnaround guy but not in the media field: He most recently was CEO of Sims Metal Management. He had been on the MSLO board chaired by Stewart and will remain there. Here’s the release:
NEW YORK, Oct. 28, 2013 — Martha Stewart Living Omnimedia, Inc. (“MSLO”) (NYSE: MSO) and its Board of Directors today announced that Daniel W. Dienst has been named Chief Executive Officer. Mr. Dienst is a highly accomplished CEO who has successfully repositioned and grown publicly-held companies. Mr. Dienst was recently appointed to the MSLO Board of Directors and will continue to serve in that role.
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An SEC filing today says the compensation changes in Martha Stewart‘s contract are consistent with her company’s plan to return to profitability. Martha Stewart Living Omnimedia has reduced Stewart’s annual pay to $1.8 million as part of … Read More »
UPDATED: Shares fell as much as 9.7% in early trading after Martha Stewart Living Omnimedia said that Lisa Gersh — who just became CEO of the domestic diva’s media company in July – “plans to step down from that role” as directors begin to search for a successor. The former Oxygen Media exec had been president and chief operating officer at Stewart’s company since 2011 and was expected to beef up its TV programming after Hallmark Channel decided early this year not to renew The Martha Stewart Show. As you might expect, execs say that all’s well. “With the restructuring of the media businesses complete and a strong team leading key financial and corporate functions, the company is on solid footing and positioned for growth,” Gersh says. “There is an exciting future ahead for Martha Stewart Living Omnimedia and I am committed to working with the board to ensure a smooth transition.” Martha Stewart, who’s founder and non-executive chairman, says that the “media businesses are now repositioned for the future and we are excited about the potential of our digital, mobile, video and print platforms.” But investors aren’t so sure. The company’s shares lost 45% of their value over the last 12 months before this morning’s drop. The publishing business slowed; Stewart’s company said this month that it will close Whole Living, a magazine dedicated to healthy eating. JCPenney, which bought a major stake in the company last year, plans to put Martha Stewart shops in some of its stores in 2013 — but Macy’s says it has an exclusive deal for Stewart’s merchandise and sued for breach of contract.
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EXCLUSIVE: After dipping her toe in the sitcom waters with a guest spot on CBS’ 2 Broke Girls last May, lifestyle mogul Martha Stewart is entering the space in a major way with … Read More »
The domestic diva, the loud chef and HSN are being pulled into court together by a German Chamber of Commerce for selling knockoff knives. With the kind of damages the plaintiff is seeking, the suit could end up taking a big cut out of Stewart and the company she founded as well as the Home Shopping Network. Filed yesterday in Florida (read it here), Stewart herself and Martha Stewart Living Omnimedia, along with Emeril Lagasse and HSNi the company that owns the Home Shopping Network, are accused of trademark infringement in selling knives purporting to be made in Solingen, a region in northern Germany known for making high quality knives, when in fact the cutlery comes from China. Read More »
The Martha Stewart Network launches today on Hulu and Hulu Plus with three shows from her stable: From Martha’s Kitchen, Emeril’s Table and DIY Crafts. There will also be access to Stewart’s seasonal content like Halloween and weddings … Read More »
Related: Martha Stewart New MSLO Board Chairman
NEW YORK, July 10, 2012 — Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) today announced that Martha Stewart has extended her employment agreement with the Company until June 30, 2017. The agreement names Stewart Founder and Chief Creative Officer. Stewart continues to serve as Non-Executive Chairman of the Board.
Lisa Gersh, President and Chief Operating Officer and a member of the Board of Directors since 2011, has been named Chief Executive Officer. Gersh will continue to report to the Board of Directors.
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With her daily talk show on Hallmark Channel coming to an end, Martha Stewart has signed on to host a new weekly show for PBS, which will premiere this fall. The 30-minute Martha Stewart’s Cooking School is described as a … Read More »
After five seasons in broadcast syndication and two on cable, Martha Stewart’s daytime show is ending its run, at least for now. Hallmark Channel, where The Martha Stewart Show has been airing since fall 2010, has opted not to renew … Read More »
Directors at Martha Stewart Living Omnimedia said today that they have elected Martha Stewart to the board. She’s able to join now due to the expiration of a deal that … Read More »
Will Martha Stewart put her company’s extravagant good-bye gift to Executive Chairman Charles Koppelman in a tasteful gift box with a bow? The former EMI Music chief — who was a fixture on NBC’s The Apprentice: Martha Stewart in 2005 — will leave by year’s end, Martha Stewart Living Omnimedia disclosed in an SEC filing today. His departure was moved up a year to open running room for MSLO’s new COO Lisa Gersh, who co-founded and ran Oxygen Media until NBCUniversal bought it in 2007. She’s been reporting to Koppelman but will report directly to the board when he leaves. But he shouldn’t complain: His exit package includes a $1.47M severance payment and up to $35,000 for the attorneys who worked on his new arrangement. The filing says he’ll remain on the MSLO board as “Non-Executive Chairman, Vice Chairman or Special Committee Chairman.” That will entitle him to an initial $50,000 in stock rights as well as rights to 100,000 shares. (Stewart, who was convicted of obstruction of justice in connection with an insider trading investigation in 2004, plans to rejoin the board before October.) Don’t let Koppelman’s sweet deal fool you into thinking that the publishing, TV, and merchandise firm’s doing well: MSLO shares lost about 20% of their value over the last 12 months. Read More »
Martha Stewart Living Omnimedia announced today that it has hired Oxygen Media co-founder Lisa Gersh as president and chief operating officer, part of a succession plan in which Gersh is expected to become CEO within 12-20 months. The company also … Read More »