Two big “M’s” of the media world are teaming up. And, if all goes well, for at least ten years starting November 1.
Under the arrangement, Martha Stewart Living Omnimedia will continue to handle print and digital content creation, while Meredith Corporation will be responsible for North American ad sales, circulation and production of Martha Stewart Living and Martha Stewart Weddings magazines. From this afternoon’s announcement:
“We are very excited to partner with a great company like Meredith,” said MSLO founder and non-executive chairman Martha Stewart. “Our editorial team can focus entirely on what we do best: the creation of inspirational, original, practical, useful and trusted content for our superb publications and digital properties – content that continually enhances and improves consumers’ lives.”
Added MSLO CEO Dan Dienst: “This partnership marks a significant milestone in the continued evolution of our company. Our award-winning content coupled with Meredith’s much larger size and sales expertise, expands our brands’ reach while significantly and immediately improving our bottom line.”
Martha Stewart Living is published 10 times annually and has a rate base of two million, while Martha Stewart Weddings comes out four times a year. According to comScore, the Omnimedia digital side currently averages eight million monthly unique visitors and 60 million monthly page views. Full release here.
Update (6:30 p.m.):
Ad Age‘s Michael Sebastian has details on the collateral damage:
Meredith will absorb some of MSLO’s sales and marketing staff, including Amy Wilkins, head of advertising, sales and marketing, according to a Meredith spokesman. About another 40 people at MSLO will be laid off, people familiar with the matter said. This round of job cuts comes less than a year after a layoff claimed about 80 positions at MSLO.