Martha Stewart Living Omnimedia, Inc. and J. C. Penney Company, Inc. Announce
Revised Partnership Agreement
NEW YORK and PLANO, Texas, Oct. 21, 2013
NEW YORK and PLANO, Texas, Oct. 21, 2013 /PRNewswire/ --Martha Stewart Living
Omnimedia, Inc. (NYSE: MSO) ("MSLO") and J. C. Penney Company, Inc. (NYSE:
JCP) today announced a revised commercial agreement covering the companies'
licensing and design partnership.
The amended agreement covers a more focused range of product categories over a
shorter period of time (through June 30, 2017) than the original agreement,
dated December 6, 2011. Under the amended agreement, MSLO will continue to
design Martha Stewart branded products for JCPenney in the following
categories: window treatments and hardware, lighting, rugs, holiday and
celebrations. MSLO will receive design fees, guaranteed minimum royalties and
the 11 million shares of MSLO Class A Common Stock that JCPenney currently
owns. In addition, JCPenney will no longer have representation on MSLO's
Board of Directors.
"We are pleased to announce this revised commercial agreement," said Founder
and Non-Executive Chairman Martha Stewart. "We are designing excellent
products for 2014, and we look forward to seeing them in stores and online at
Myron E. (Mike) Ullman, III, Chief Executive Officer of JCPenney, said, "We
are happy to be moving forward and continuing to provide our customers with
quality products from the MarthaHome™ collection, which includes
MarthaWindow™, one of our best-selling lines of window treatments."
About Martha Stewart Living Omnimedia, Inc.
Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) is a diversified media
andmerchandising company, inspiring and engaging consumers with
uniquelifestyle content and distinctive products. The Company
reachesapproximately 100 million consumers across all media platforms each
monthand has a growing retail presence in thousands of retail
locations.MSLO's media brands, available across multiple platforms, include
MarthaStewart Living, Martha Stewart Weddings, and Everyday Food; the
Companyalso offers books and utility Apps. MSLO's television and
videoprogramming includes "Martha Stewart's Cooking School" and "Martha
Bakes"series on PBS, in addition to new made-for-the-web video and a
vastlibrary of how-to content available online. Martha Live, a new radio
showhosted by Martha Stewart, airs every weekday on SIRIUS XM Channel 107.
MSLO also designs high-quality Martha Stewart products in a range oflifestyle
categories available through select retailers, including TheHome Depot,
Macy's, JCPenney, Staples (together with Avery), PetSmart,Michaels and Jo-Ann
Fabric & Craft Stores. The MSLO family of brands alsoincludes Chef Emeril
Lagasse's media and merchandising properties.
About J. C. Penney Company, Inc.
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation's largest apparel
and home furnishing retailers, is dedicated to becoming America's preferred
retail destination for unmatched style,quality and value. Across 1,100 stores
and at jcp.com, customers will discover an inspiring shopping environment that
features the most sought after collection of private, national and exclusive
brands and attractions. For more information, please visitjcp.com.
SOURCE Martha Stewart Living Omnimedia, Inc.
Contact: For JCPenney: Media Relations, 972-431-3400 or firstname.lastname@example.org;
Investor Relations, 972-431-5500 or email@example.com; For
Martha Stewart Living Omnimedia, Inc.: Media Relations, Claudia Shaum,
212-827-8722, firstname.lastname@example.org; Lex Suvanto, 212-729-2463,
email@example.com; Investor Relations, Katherine Nash, 212-827-8348,
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