Martha Stewart Living Sells WeddingWire Stake for $11 Million
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.