J.C. Penney to Take Stake in Martha Stewart Living Omnimedia Wednesday, December 7, 10:13 AM ET
J.C. Penney (NYSE:
JCP) said today it will acquire a 16.6% stake in Martha Stewart Living Omnimedia (NYSE: MSO) for about $38.5 million, or $3.50 per share.
With the stake, J.C. Penney will form a 10-year partnership with Martha Stewart Living, creating stores-within-stores dedicated to Martha Stewart products staffed by specially trained employees.
The companies will also jointly develop an e-commerce site. The retail and online changes will be launched in 2013.
Martha Stewart Living will receive more than $200 million from the partnership.
In a report on the partnership, The New York Times said Martha Stewart will continue its relationships with other retailers like Macy's (NYSE:
M) and Home Depot (NYSE: HD).
Martha Stewart Living had hired the Blackstone Group (NYSE:
BX) in May to explore the company's strategic options.
The New York Times noted that the partnership has been masterminded by new CEO Ron Johnson, the architect of Apple's (NASDAQ:
AAPL) retail stores, who J.C. Penney brought in to revamp the company.
Martha Stewart Living Omnimedia shares are seeing strong gains Wednesday, while J.C. Penney shares are seeing a more modest gain.
For MarketNewsVideo.com, I'm Sayoko Murase.
Friday Sector Laggards: Water Utilities, General Contractors & Builders
Related symbols: SBS, CDZI, GRBK, SPF
Friday Sector Leaders: Education & Training Services, Computers
Related symbols: ATAI, LINC, NEON, BRCD
Thursday Sector Laggards: Sporting Goods & Activities, Biotechnology Stocks
Related symbols: WBAI, ISCA, ISR, BRKR
Friday's ETF with Unusual Volume: CWI
Related symbols: CWI, ABEV, VALE, VRX.CA, SID
Friday's ETF Movers: GXC, ILF
Related symbols: CTRP, YOKU, SID, CIG, ILF, GXC
XLI, GDJS: Big ETF Outflows
Related symbols: XLI, GDJS, GE, MMM
Daily Dividend Report: WMB, AMT, HD, CMCSA, MCD, EMC, HAL, PCP
Related symbols: WMB, AMT, HD, CMCSA, MCD, EMC, HAL, PCP
Daily Dividend Report: STT, MMC, NTAP, VIA, A, TMO, APD, CTL
Related symbols: STT, MMC, NTAP, VIA, A, TMO, APD, CTL
Daily Dividend Report: NOC, BG, MO, JCI, MDLZ, CME, BDX, PPL
Related symbols: NOC, BG, MO, JCI, MDLZ, CME, BDX, PPL
Weekly Market Wrap: May 22, 2015
Related symbols: BAC, AAPL, ONTY, HPQ
Weekly Market Wrap: May 15, 2015
Related symbols: AAPL, BAC, AMAT
Weekly Market Wrap: May 8, 2015
Related symbols: BAC, AAPL, NOK, VALE
Week Ahead Market Report: May 18, 2015
Related symbols: BAC, AAPL, VALE, T
Week Ahead Market Report: May 4, 2015
Related symbols: BAC, AAPL, MSFT, ICLD, NOK
Week Ahead Market Report: April 13, 2015
Related symbols: GE, AAPL, BAC, JPM, NOK
All videos » |
Stock market definitions »
J.C. Penney to Take Stake in Martha Stewart Living Omnimedia
| Market News Video | Copyright © 2008 - 2015, All Rights Reserved
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.