A week after reporting surprisingly strong financial results, including a swing back to profitability, Martha Stewart Living Omnimedia has wielded the ax, cutting 25 people from its payroll this week, sources confirmed yesterday.
The cutbacks at Martha Stewart's company have come across the merchandising, media and corporate ranks.
Morale, which took a tumble when CEO Susan Lyne left last month, has slumped even further, according to one insider.
In a conference call with analysts on Wednesday, new co-CEO Wenda Harris Millard said that the company no longer planned to fund broadcasting internally.
As a result, Sheraton Kalouria, a former NBC and ABC executive, is out as president of broadcasting, news that was first reported yesterday by Women's Wear Daily.
The company yesterday also shuffled the deck internally, apparently in a bid to drive more group ad sales at its magazines.
Start your workday the right way with the news that matters most. Learn more