Martha Stewart Living Omnimedia Inc. Shares Notably Up Following Licensing Deal

Shares of Martha Stewart Living Omnimedia Inc. MSO are up sharply pre-market Thursday following an announcement late Wednesday.

On Wednesday, Meredith Corporation announced an agreement to acquire the rights to Martha Stewart Living and www.marthastewart.com pursuant to a 10-year licensing agreement.

Following the announcement shares of Martha Stewart Living quickly rose to a high of $4.70 up roughly 30 percent.

Currently shares have cooled-off slightly now trading around $4.30 up 20 percent.

Shares of Martha Stewart Living are down 19 percent YTD.