Martha Headed for Prime Time?

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Martha Stewart in a prime-time network-TV show? Yes, at least if her company, Martha Stewart Living Omnimedia (MSO), has any thing to do about it.

MSO said Wednesday that it had struck a consulting agreement with reality producer Mark Burnett and that he would do work "related to the development and production of a prime time network television series to feature Martha Stewart."

The move was in part prompted by the Stewart's decision to start serving her sentence immediately (while not dropping her appeal), and the ability the move gave the company to start executing some long-term plans.

Burnett will also help reshape the Martha Stewart Living syndicated show, which is being put hiatus while Stewart is in jail for lying to the government about a stock trade (she begins serving no later than Oct. 8).

MSO will be more than a client, however. Burnett will get 2.5 million shares of MSO stock at a discount exercise price of $12.59 per share. The stock closed at 14.98 Wednesday, which is up almost 60% from last year at this time.

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