Martha Stewart is no longer her own boss.
The 73-year-old homemaker and DIY master who founded Martha Stewart Living Omnimedia in 1997 agreed for it to be acquired by Sequential Brands Group on Monday, The Wall Street Journal reports.
"The Sequential team is smart, hardworking, and understands the power and limitless opportunity of the Martha Stewart brand and its formidable design, editorial and marketing teams. I'm looking forward to working with them," Stewart said in a press release.
Although she is no longer the namesake of the company, Stewart will "continue to be an integral part of the brand she founded." Her new titles include chief creative officer, major stockholder and board of directors member, according to CNN. She formerly served as the nonexcutive chairwoman and chief creative officer.
Stewart has an simple explanation as to why Martha Stewart Living Omniedia is being acquired.
"The brand has gotten away from the business," she told The Wall Street Journal. "Our business is smaller than the potential and the power of the brand."
Sales at the company have consistently fell annually since 2007, and Stewart believes Sequential can change that.
"...(W)e now have the opportunity to tap into Sequential's expertise and resources to expand our merchandising business both domestically and abroad," Stewart said in a statement.
The deal will become official in the third or fourth quarter of the year, according to The Associated Press.
Sequential Brands Group already owns and licenses goods from Ellen Tracy, Jessica Simpson and Linens 'n Things. It will pay will pay $6.15 per share of Martha Stewart Living Omniedia. Yehuda Shmidman, 34, is the chief executive of the company.
