MARTHA STEWART BUYS MAGAZINE, TV SHOW.

Byline: Farrell Kramer Associated Press 

Martha Stewart, whose recipe for 1990s family life has grown into a media empire of cooking, gardening and entertaining ``how-to,'' has taken control of her namesake magazine and TV series.

The purchase Tuesday calls for Stewart to buy out most of founding partner Time Inc.'s stake in Martha Stewart Living magazine, her syndicated TV show and some book publishing operations. It stemmed from Stewart's desire for greater autonomy and for the economic advantages of combining all the Martha Stewart businesses.

``I think we have just begun to strike a nerve in America, the nerve that wants to learn, and know, and enjoy,'' Stewart said in interview. ``There are a lot more people to reach.''

Neither side would disclose the deal's value, though Time keeps a stake of less than 20 percent in all of Stewart's ventures, now part of Martha Stewart Living Omnimedia LLC, of which Stewart is chairwoman.

Stewart, whose relaxed Connecticut style has created something of a cottage industry for those interested in fixing up their homes, dinner parties and such, said her company also will sell Martha Stewart-name goods in deals with Kmart Corp. and Sherwin Williams Co.

Time will work with Martha Stewart Living Omnimedia in several ways, most notably distributing Stewart's magazine.

``Our association with Martha Stewart has been quite profitable. We wish Martha and her colleagues all the best for much continued success as they continue to grow the business and we look forward to continuing to work with them,'' Don Logan, Time's chief executive, said in a statement.

Although figures have never been made public, industry reports have pegged annual revenue from Stewart's empire at about $200 million a year, with Martha Stewart Living magazine accounting for about 25 percent.

``She's built a very strong personal franchise,'' said Martin S. Walker, chairman of Walker Communications, a magazine consulting firm.

Sharon Patrick, chief executive of Martha Stewart Living Omnimedia, said the deal was done without the need for outside investors due to the combined strength of the Martha Stewart ventures.

Stewart learned her trade from childhood. Her mother, a teacher, taught her to cook, bake, can and sew, while she learned gardening from her father, a pharmaceuticals salesman. Later, living in Westport, Conn., Stewart launched her own catering business.

Her career was cemented with the birth of Martha Stewart Living magazine in 1991, which now has a readership of 2 million. Her TV operations include the weekly syndicated series, Martha Stewart Living Television, and specials. She has written more than a dozen books and even appeared on the TV series ``Ellen.''

Those operations will be part of Martha Stewart Living Omnimedia, along with ``ask Martha,'' a syndicated newspaper column, and a mail-order catalog company called ``Martha by Mail.''

CAPTION(S):

Photo

Photo: Martha Stewart, right, took over her self-named media operations, run by Sharon Patrick, on Tuesday.

PRN