Stewart’s daughter takes majority stake

By Staff -- Home Textiles Today, 1/26/2005 12:17:00 PM

NEW YORK – Alexis Stewart has taken a majority stake in Martha Stewart Living Omnimedia, the company her mother founded, according to documents filed with the Securities and Exchange Commission.

Following her mother’s decision to appoint her as proxy, attorney-in-fact and agent for MSO securities, Alexis Stewart now owns 29.4 million shares, or 58.7 percent of the media and merchandising company. She previously held 26, 188 shares.

The filing also stated that Alexis Stewart does not currently intend to acquire additional shares, plan a merger, alter the company management structure, change the board of directors or sell any material amount of company assets.