Martha Stewart Hires Blackstone to Explore Options

May 26, 2011

Martha Stewart Living Omnimedia (MSO) has jumped out of the gate by nearly 20% on an announcement that the company has hired Blackstone Advisory Partners to explore options that could lead to the sale of the company. Blackstone will reportedly explore opportunities for investment in Martha Stewart or a partnership arrangement. Speculation drove the stock to an early high of $4.68 before easing to trade at $4.47, up $0.70, or 18.57%. Separately, the company announced that former NBC executive Lisa Gersh will become president and chief operating officer, June 6. She will be groomed to become Chief Executive over the next year or so. Company founder Martha Stewart also will return to the board, the company said.