Sequential Brands Group Inc, a brand management and licensing company, is nearing a deal to buy Martha Stewart Living Omnimedia Inc, the Wall Street Journal reported.
Terms of the deal are under discussion and could not be learned, but an announcement could be made in the coming days, people familiar with the matter told the Journal. (http://on.wsj.com/1L3nJHE)
Continue Reading Below
Martha Stewart Living, a media and merchandising company, had a market value of nearly $293 million as of Wednesday's close.
The company's share shot up 23 percent to $6.27 on Thursday afternoon after the report. Sequential Brands shares rose as much as 11.8 percent to an eight-year high of $15.95.
Sequential Brands and Martha Stewart Living could not be immediately reached for comment.
(Reporting By Lehar Maan in Bengaluru; Editing by Savio D'Souza)