Martha Stewart Living Omnimedia said Wednesday that founder Martha Stewart is expected to return to the company’s board in the third quarter and has hired an advisor to explore possible deals.
The company, founded by Stewart, also named Lisa Gersh president and COO.
MSLO said that Blackstone Advisory Partners, an investment and advisory firm, has been hired “to review and respond to various parties that have expressed interest in potentially partnering with or investing in the company, as well as exploring other opportunities.”
MSLO shares soared in early trading driven in part by hopes of a potential deal.
Meanwhile, Stewart's return, which the New York Post had predicted earlier this year, will come after the end of a five-year period that was part of her settlement over insider trading charges.
Stewart spent five months in prison after being convicted of lying to investigators about a 2001 sale of Imclone shares. A settlement for a related civil case with the SEC from Aug. 2006 barred her from serving as a board member or officer in a public company for five years.
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