Sequential Brands Group has acquired Martha Stewart’s media company, Martha Stewart Living Omnimedia, the two companies said on Monday.
The deal is valued at $6.15 per share.
The boards of directors of both companies have approved the merger. Stewart will remain as chief creative officer and be a significant stockholder; she will be nominated to serve on the board of directors after the deal closes.
"This is a transformational merger for Martha Stewart Living Omnimedia, the company I founded in 1997. This merger is positioned to further the growth and expansion of the unique Martha home and lifestyle brand,” said Stewart. “With our media business operations now successfully transitioned to Meredith, we now have the opportunity to tap into Sequential's expertise and resources to expand our merchandising business both domestically and abroad.”
The merger is expected to generate nearly $3.75 billion in annual global retail sales for Sequential. The deal is expected to close in the second half of 2015.
The deal is reported to be worth close to $353 million, according to the Wall Street Journal.