Martha Stewart Living Sells WeddingWire Stake for $11 Million
The resulting $7.6 million in net income will be recognized in the fourth quarter.
NEW YORK - Martha Stewart Living Omnimedia said Wednesday that it has sold its equity stake in WeddingWire for $11 million.
The resulting $7.6 million in net income will be recognized in the fourth quarter, MSLO said.
In a regulatory filing, it said it will dispose all its 8.44 million shares of series A preferred stock in the firm. The buyers are Catalyst Investors III and Catalyst Investors QP III.
President and COO Lisa Gersh has said that she is looking to focus MSLO on its strong brands and return all units to profitability.
- Prince Takes Over the 'Arsenio Hall Show,' Debuts New Funky Song
- A Train, a Trestle and 60 Seconds to Escape: How 'Midnight Rider' Victim Sarah Jones Lost Her Life
- 'Divergent' Star Shailene Woodley: The Next Jennifer Lawrence?
- 'Noah' Banned in Several Middle Eastern Countries
- Lindsay Lohan's OWN Series Gets First Official Trailer (Video)
- MOST SHARED
- MOST POPULAR
- Zac Efron, Dave Franco, and Christopher Mintz-Plasse Share Crazy Stories From "Neighbors" Set at SXSW 2014
- Jennifer Aniston Would Trade Bodies With Gisele Bundchen, Is Just Like Us
- What We Want To See In 'Looking' Season 2
- I Ain't Gonna Work on Maggie's Farm No More: 'True Detective' and the Deep Dark Secret of the American Psyche