JCP invests in Martha Stewart Living Omnimedia

08 Dec '11

4 min read

Mr. Johnson added, "The objective of our partnership with MSLO is to unlock the full potential of Martha Stewart's extraordinary assets in new and exciting ways. Our investment in their company will allow J. C. Penney to share in the upside of the work we do together both as an investor and as a retail partner. We look forward to working with the entire MSLO leadership team through our representation on the MSLO Board of Directors to create long-term economic value for shareholders."

Lisa Gersh, president and chief operating officer of MSLO, said, "The strategic alliance we've announced with J. C. Penney strengthens our balance sheet, will enhance the reach of our brands and expand our vibrant merchandising and media presence for the benefit of all of our partners. "

"We believe this alliance is an important step in positioning our company for the future. J. C. Penney also recognizes the powerful cross-promotional value and reach this alliance represents in light of our magazine, digital and broadcast properties. We are excited to work closely with the J. C. Penney team to help drive the success of our respective businesses."

Blackstone Advisory Partners served as financial advisor to MSLO in connection with the J. C. Penney investment, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as its legal advisor. J. C. Penney's financial advisor was Peter J. Solomon Company and its legal advisor was Skadden, Arps, Slate, Meagher & Flom LLP.

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