Martha Stewart’s firm changes hands, worth almost $215 million
Marquee Brands will acquire Martha Stewart and Emeril Lagasse’s brands in a deal expected to cost $175 million. The deal however could change to $215 million if the brands meet certain targets that have been set for them. Marquee will be buying these brands from Sequential Brands Group (). Sequential has owned the companies since 2015, the company bought them for $350 million at the time. The news of the deal was broken by the New York Post late on Tuesday. “I am confident that Marquee’s business values, sophisticated digital expertise and international relationships will drive continued growth and position the Martha Stewart brand well for the future,” Stewart said in a statement.
Prior to the sale to sequential, Stewart’s brands existed as Martha Stewart Living Omnimedia, a company she formed after buying out Time Inc.’s shares of Martha Stewart Enterprises in 1997. She was forced to step away from leadership roles at the company after she was indicted for securities fraud in 2003, and was banned from holding an executive seat by the SEC until 2011. However, she later rejoined the board of directors, involved herself as an executive, major stockholder and board member when the company was sold to Sequential. Interestingly, Marquee announced on Tuesday that Stewart will “join the Marquee Brands team and continue to guide the brand she founded.” Notably, this is not her only business venture she is involved in she joined the Canadian marijuana company Canopy Growth () as an adviser to help develop products derived from cannabis for people and animals.