Domestic diva Martha Stewart agreed to take a 10 percent pay cut as part of overall belt-tightening at her company following losses in magazine publishing and TV.
According to this story on Bloomberg.com, Stewart, 71, accepted the new pay structure “as part of an option” that will keep her as chairman of Martha Stewart Living Omnimedia until at least 2017.
But don’t cry for Martha: Her new annual salary, after the 10 percent cut, will be $1.8 million. She also takes an annual “license fee” from her own company, for the use of her name on its many products, that now totals $1.7 million a year after a $300,000 reduction.
The Bloomberg story also hinted at other cuts in expenses and perks Stewart enjoys, including reimbursements for a chauffeur, Internet expenses and a home-security system. The story didn’t specify if these perks were taken from her or just altered somehow.
Like other big media companies, MSLO has been taking a hit lately from the downturn in print advertising plus readership and circulation declines that have been afflicting all print media. In addition, Stewart’s TV footprint has shrunk in recent years as her syndicated daytime talk show went to Hallmark Channel and was eventually dropped. These days, the only TV show she seems to have is a cooking show on PBS, “Martha Stewart’s Cooking School.”