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.
Read More »
Martha Stewart Living Omnimedia, looking to find ways to boost advertising sales in its flagship publishing unit, has hired former iVillage ad-sales boss Joe Lagani for the newly created position of chief revenue officer. He will be tasked with leading sales across all of MSLO’s units — including magazines, the website and apps, and TV and radio — as well as to spearhead cross-platform integrations and brand partnerships. Lagani’s experience includes stints at Glam Media and as VP and publisher of Conde Nast’s House And Garden; he also was publisher of Country Home and advertising director at Ladies Home Journal. “(Lagani has) been a major force in the lifestyle space his whole career and has proven his ability to turn around performance and lead great teams,” said MSLO president and COO Lisa Gersh — herself from the lifestyle media world as co-founder of Oxygen Media — in announcing the hire today. MSLO reported a decline in print ad pages in its recent third quarter, which saw its TV and merchandising revenue grow.
Martha Stewart Living Omnimedia reported today reported third-quarter revenue of $52.2 million, up from $49.7 million a year ago, as publishing declines offset higher merchandising revenue. A decline in print ad pages led to the publishing dip, though digital advertising grew by 17%. In the broadcast unit, revenue was $6.6 million, up 14% year-over-year thanks to new programming like Emeril’s Table, which premiered in September on Hallmark Channel, and a MSLO programming block that includes The Martha Stewart Show, Martha Bakes and Mad Hungry With Lucinda Scala Quinn.
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 she struck with the SEC in 2006 to settle a case involving securities fraud and obstruction of justice charges. Stewart had agreed not to manage or sit on the board of a publicly traded company for five years. The move had been expected since May, when the company hired Oxygen Media co-founder Lisa Gersh as president and chief operating officer and retained Blackstone Advisory Partners to explore opportunities for the company that some have speculated could include a sale. MSLO has struggled in its TV business and is looking to boost its digital and publishing initiatives.