Hey Linda, now Son is in bed with Martha Stewart:
Martha Stewart Gets 5% Stake in BlueLight.com (Update1)
By Tara Beecham
Martha Stewart Gets 5% Stake in BlueLight.com (Update1)
(Updates with closing stock price.)
New York, Feb. 4 (Bloomberg) -- Martha Stewart Living
Omnimedia Inc., a multimedia company built from its founder's
how-to tips on cooking, entertaining and crafts, will invest
$13 million in BlueLight.com LLC in exchange for a 5 percent stake
in the electronic-commerce Web site.
BlueLight.com was started in December by Kmart Corp., the No.
2 U.S. discount retailer, along with Softbank Corp. and Yahoo!
Inc., the top online search and directory service, as a free
Internet service, and includes an online store. Troy, Michigan-
based Kmart owns 60 percent of BlueLight.com.
As part of the transaction, New York-based Martha Stewart
Living will make its Martha Stewart Everyday garden, bed and bath
items, which are currently available in Kmart stores, available
for sale online by mid-year on bluelight.com.
Martha Stewart Living, which already has a distribution
agreement with Kmart, also publishes books and magazines and
produces a daily syndicated television program.
The shares of Martha Stewart Living fell 1, or 3.8 percent,
to 25 in New York Stock Exchange trading. They've risen about
39 percent since the company first sold shares to the public in
October. |
