Martha Stewart Living Omnimedia Inc. announced yesterday that it is suspending the 12th season of its television show for the year 2004-05.
The move was expected as founder Martha Stewart awaits sentencing June 14 after a felony conviction on charges related to insider trading. The decision will cost jobs at Martha Stewart Living Television and result in a $2 million restructuring charge in the current quarter.
An Emmy-award-winning daily syndicated service show distributed by King World Productions, the TV program will be distributed for the remainder of its 11th season through September. It reaches 52 percent of the nation's local TV markets.
In line with its decision to downplay the Martha Stewart name in its flagship Martha Stewart Living magazine, the New York company will pay more attention to developing special and new programming like Everyday Food, the name of a smaller title in its portfolio.
The company said it also will continue producing its “Petkeeping with Marc Morrone” magazine.