The company that bought Martha Stewart’s company a little more than three years ago appears to have become disillusioned with it and is reportedly trying to sell it, according to The New York Post. A big reason, the story says, is that it’s getting too expensive to keep Stewart on the payroll.
“Stewart — who has slapped her name on everything from bedsheets to kitchen utensils, shoes and wine — has worn out her welcome at Sequential Brands Group, which bought her company, Martha Stewart Living Omnimedia, for $353 million in 2015,” The Post reports. “Sequential, which makes money through licensing fees, has been quietly shopping Stewart’s brand for about six months, sources told The Post.”
The acquisition hasn’t been as fruitful as Sequential had hoped, the report notes, “in part because Stewart, 77, is not cheap, sources said.”
“The doyenne of domesticity racked up $6.6 million in total compensation in 2017 — dwarfing Sequential’s other top officials’ pay by several million, including a guaranteed $1.3 million annual bonus and a hefty budget for expenses,” The Post reports. “Her 2017 compensation, the last annual payment filed with regulators, is up from the $5 million she pocketed in 2016 and the less than $2 million she earned in 2015.”