Turns out even the queen of a multiplatform corporation isn’t safe from pay cuts these days.
Martha Stewart, known for her domestic empire of TV shows and magazines, has agreed to a 10 per cent pay cut due to losses from her TV and magazine company, Bloomberg reports.
According to the story, the 71-year-old chairman will stay as head of the company with the cuts, a total of $300,000, until 2017. Stewart will also see changes in the policy that reimbursed her for chauffeur, internet, and home-security costs. The report didn’t say what would be covered in the new policy.
Don’t feel too bad for Stewart just yet. After the cut, her annual salary is still a whopping $1.8 million per year. As well, Stewart collects licensing fees from her company. Wonder how many cupcakes she could buy with that
Martha Stewart Living Omnimedia has seen a steady decline in print media and circulation like many other large media companies over the past few years. Stewart’s takeover of TV has as well shrunk in recent years, with her syndicated talk show, Martha Stewart Living, finding a home at Hallmark Channel before being dropped.
Recently, the domestic queen spoke out to Andy Cohen on the Paula Deen scandal, saying that she “feel[s] sorry” for her, but refused to answer if she agreed with the backlash Deen has faced.
Stewart currently has one show airing on PBS, Martha Stewart’s Cooking School.
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