Stewart splits with Time

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Martha Stewart brought to a conclusion a year of tense negotiations with Time Inc. by acquiring Martha Stewart Living Enterprises through a new company, Martha Stewart Living Omnimedia L.L.C. Terms were not disclosed. Time Inc. will maintain a minority position. MSL Omnimedia will be split into three separate businesses: publishing & online, television and merchandising.

The company now includes the monthly magazine Martha Stewart Living, as well as Martha Stewart Living Television, books written by Ms. Stewart and the editors of the magazine, the syndicated newspaper column "Ask Martha" and a mail order catalog, "Martha by Mail." Ms. Stewart will be chairman of the new company; long-time adviser Sharon Patrick will be CEO; David Steward, who had been exec VP of Martha Stewart Living Enterprises will leave Time Inc. to join the newly formed company as chief administrative officer.

Copyright February 1997, Crain Communications Inc.

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