Martha Stewart does have a sense of humor!

Martha Stewart's daughter Alexis and Jennifer Koppelman Hutt, co-hosts of a show on Sirius Satellite Radio, are teaming up for a new television parody of vintage Martha Stewart Living episodes. The title? Whatever, Martha!

Surprisingly, the show has the blessing of Martha Stewart, who is not normally known as a barrel full of laughs. She told The New York Times that "They promised not to be mean, and I had to trust them. I'm not going to have a heart attack."

The half-hour show, set to debut on Fine Living on September 16th, will feature old clips from Ms. Stewart's show alongside sarcastic commentary from her daughter and Ms. Hutt. There are no clips available online but it sounds similar to ESPN Classic's Cheap Seats.

It's nice to see that Martha Stewart has a sense of humor. Given that shares of Martha Stewart Living Omnimedia (NYSE: MSO) have gone from $20 to $8 in a little more than a year and a half, she will need it. The debut of the new show is symptomatic of the problems the company is facing: Stewart went from an icon to a cliche, and now she completes the cycle by becoming a joke.

With the recent resignation of its CEO following the completion of the Emeril acquisition, this is a company in turmoil. Given its lackluster ability to generate profits during its prime, it seems like a stock worth avoiding.