Martha Stewart's company has signed a consulting agreement with reality show producer Mark Burnett to develop and produce a prime-time series featuring the soon-to-be-imprisoned lifestyle maven.
Under the agreement announced Wednesday by Martha Stewart Living Omnimedia, Burnett would refashion Stewart's current TV show and collaborate on other television projects. Stewart is about to start a five-month prison sentence for lying about a stock sale and expects to return to her multimedia empire in March.
Burnett, who produces "The Apprentice" and "Survivor," said he, Stewart and the company will "explore new ways to communicate that unique combination of teaching, usefulness, quality, style and impeccable taste that millions of viewers have enjoyed for over a decade."
Shares in her company rose last week, following Stewart's announcement Thursday that she wants to serve her prison term as soon as possible rather than wait for the outcome of her appeal. She is slated to begin her jail term on Oct. 8.
The move is designed to end the uncertainty that has dogged the company and made advertisers flee.
In connection with the consulting agreement, Martha Stewart Living issued Burnett a warrant to purchase up to 2.5 million shares of the company's Class A common stock at $12.59 per share.