Martha Stewart Living Omnimedia Inc. said its first-quarter loss narrowed from a year ago but the multimedia empire struggled with a 13 percent drop in revenue, hurt primarily by the absence of its daily syndicated TV show while its namesake founder was in prison. Publishing revenue, however, showed signs of improvement after a long slide.
The company also announced today an exclusive multi-year agreement with Warner Home Video Inc., to create a new line of home video releases based on the company's television programming library.
The New York-based Martha Stewart Living lost $19.17 million, or 38 cents per share, in the three months ended March 31, compared with a loss of $19.48 million, or 39 cents per share, in the year-ago period.
Intermediate string overflow U.S. winemaker Constellation Brands said Monday that it is considering making an offer to rival last week's $14.2 billion buyout proposal for British liquor company Allied Domecq PLC from France's Pernod Ricard SA. Constellation, the world's largest winemaker with brands like Almaden, Inglenook, Hardys and Ravenswood, said it is "at an early stage of evaluating its options with a number of potential partners" about a possible offer for Allied Domecq. "There is no certainty that this process will lead to an approach being made to the company," the Fairport, N.Y.-based company which also owns brands such as Corona Extra and St. Paulie Girl beers said in a statement.
MGM Mirage and Mandalay Resort Group completed their merger Monday, closing on a long-awaited deal that creates a combined company with about $7 billion in revenues and 70,000 employees.