The Company's media portfolio restructuring actions include:
- Expanding the reach, frequency and audience of the Everyday Food brand across multiple digital platforms. Beginning in 2013, more Everyday Food content will be available online at www.marthastewart.com/everydayfood, on the Everyday Food
YouTubechannel and via the popular daily video newsletter, "Everyday Food with Sarah Carey."
- Publishing the Company's Everyday Food print publication as a supplement five times per year in the Company's Martha Stewart Living flagship magazine rather than as a stand-alone monthly.
- Exiting Whole Living either via a sale, regarding which the Company is in discussions, or, if a sale is not completed, by folding its content into Martha Stewart Living in order to sharpen the Company's focus on delivering exceptional lifestyle content across the Company's more established brands.
- Partnering with The AOL On Network and
Huluto deliver popular video content – in both full episodes and short-form video – across new platforms.
- Reorganizing the Company's Broadcast group to expand beyond the TV platform and create and distribute premiere multi-platform digital video content, including the recently announced venture with FremantleMedia, a key player in the global content and brand space, to co-develop programming featuring contemporary lifestyle personalities.
- Launching "Martha Stewart's Cooking School" on
PBS, bringing a Master Class in culinary basics and classics to more than 92% of US households, with viewership trending steadily upward to more than 1 million viewers per episode.
- Introducing several exciting new digital video series made for the web, including the upcoming "Countdown to Christmas," the first web-focused series featuring Martha Stewart.
- Unveiling the Martha Stewart Living
AppleiTunes storefront for iPad – a branded digital storefront for the presentation of all Company magazinecontent and the cross-sale of popular Martha Stewart Living utility products like Martha Stewart Craft Studio, Cookies and Cocktail Apps. In addition, last week the Company launched an Everyday Food app in conjunction with the launch of the Windows 8 platform, for PCs and tablet devices.
Martha Stewart, Founder and Non-Executive Chairman, said, "All of these initiatives underscore the natural evolution of our great brands and of
Gersh continued, "We have unique, expert lifestyle content and products that speak to the hearts of consumers – we simply need to continue to innovate in the ways we reach them. As a whole, MSLO's total digital audience has grown an average of 20-25 percent year over year every month since
As part of the new restructuring initiatives, the Company will eliminate certain positions within the Publishing segment. Including the annualized cost savings of approximately