Martha Stewart, J. C. Penney Announce Revised Partnership Agreement

(RTTNews) - Martha Stewart Living Omnimedia, Inc. (MSO) and J. C. Penney Company, Inc. (JCP) on Monday announced a revised commercial agreement covering the companies' licensing and design partnership.

The amended agreement covers a more focused range of product categories over a shorter period of time (through June 30, 2017) than the original agreement, dated December 6, 2011.

Under the amended agreement, Martha Stewart Living Omnimedia will continue to design Martha Stewart branded products for JCPenney in the following categories: window treatments and hardware, lighting, rugs, holiday and celebrations. It will receive design fees, guaranteed minimum royalties and the 11 million shares of Martha Stewart Living Omnimedia Class A Common Stock that JCPenney currently owns. In addition, JCPenney will no longer have representation on Martha Stewart Living Omnimedia 's Board of Directors.