Could Martha Stewart Living mag be troubled?


In a previous post about the medium I call "periodicals printed on paper," I wrote that the universe of magazines and newspapers was being winnowed, and only the very best would survive. As my mind's eye darted around a mental image of a newsstand, a few periodicals stood out as "best"; Martha Stewart Living chief among them. MSL has not just created a loyal following and niche audience; it is a symbol of an entire subset of the population, an aspirational icon who is, while not exactly an ordinary person herself, creates a mostly achievable lifestyle. Her magazine will always represent the soul of the DIY culture; not for nothing do people say of any well-executed craft, especially one involving vintage pieces found at a thrift store, "that's so Martha!"


Martha Stewart Living Omnimedia (NYSE: MSO) confirmed last week that Martha Stewart Living editor Michael Boodro was stepping down without another position, raising questions that he may have been laid off. Not having an editor? That is not very Martha at all. With single-copy sales down 16.5% in the second half of 2008, and new editors in at the other two flagship magazines, Everyday Food and Martha Stewart Weddings, investors are either looking at a house-cleaning and rebuilding, almost complete; or a downward spiral. It will be up to MSL to name a new editor quickly, who shows an obvious affinity for the subject matter, or I will be highly skeptical of the future of MSO stock.

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