WESTPORT, Conn. -- Former Westport resident Martha Stewart agreed to sell all of the existing shares of Martha Stewart Living to the Sequential Brands Group for approximately $200 million on Monday.
Stewart will remain the Chief Creative Officer of the company as well as a significant share holder. She will also be nominated to serve on the board of directors, according to a press release by Sequential Brands.
The Merger adds a new vertical to Sequential's platform, which is expected to generate nearly $3.75 billion in annual global retail sales, the statement said.
"This is a transformational merger for Martha Stewart Living Omnimedia, the company I founded in 1997," Stewart said in a statement. "This merger is positioned to further the growth and expansion of the unique Martha home and lifestyle brand."
The transaction will also bring the Emeril Lagasse culinary brand Sequential's stable, which already features brand names like Jessica Simpson and Franklin Mint.
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