Exhibit 99.1

Martha Stewart Living Omnimedia Reports Fourth Quarter and Full Year 2010 Results

— In the Quarter, Merchandising Revenue up 31% Excluding Kmart; Digital Ad Revenue up 26%;
15% Revenue Growth at Broadcast Driven by New Programming

NEW YORK, Feb. 16, 2011 /PRNewswire/ — Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) today announced its results for the fourth quarter and full year ended December 31, 2010. The Company reported revenue for the fourth quarter and full year of $72.6 million and $230.8 million, respectively.

Charles Koppelman, Executive Chairman and Principal Executive Officer, said: “2010 was an important year in the transformation of the Company. It was the beginning of our partnership with The Home Depot, which further expands the breadth and depth of our merchandising business; we launched a new home for our growing array of broadcast content on Hallmark Channel; and we unveiled a variety of digital offerings and applications that we feel enhance our brands and make Martha Stewart content even more accessible to our consumers. As we enter 2011, we believe our extraordinary portfolio of content and products gives the Company a solid foundation on which to build in the quarters and years ahead.”

Robin Marino, President and Chief Executive Officer of Merchandising, stated: “Merchandising made impressive strides throughout the year. We just celebrated the first anniversary of our partnership with The Home Depot, which was an important contributor to our performance in 2010. Our Martha Stewart Collection at Macy’s delivered strong results throughout the holiday season. We are also pleased with the performance of Martha Stewart Crafts and Martha Stewart Pets at PetSmart. As our product portfolio continues to expand and diversify, our Merchandising business is gaining momentum and we are counting on it being a key driver of future growth for our Company.”

Fourth Quarter 2010 Summary

Revenues were $72.6 million in the fourth quarter of 2010, compared to $87.6 million in the fourth quarter of 2009. The fourth quarter of 2009 included $16.8 million in revenue from the Kmart relationship, which concluded in early 2010. Also impacting the results was revenue of $2.8 million from TurboChef in the fourth quarter of 2009 with no comparable revenue in the fourth quarter of 2010.

Adjusted EBITDA for the fourth quarter of 2010 was $5.6 million, compared to $23.1 million in the prior year period. The fourth quarter of 2009 included the Kmart and TurboChef revenue described above, as well as a $3 million cash make-whole payment.

Operating income for the fourth quarter of 2010 was $3.4 million, compared to $21.3 million for the fourth quarter of 2009 for the reasons noted above.

Basic and diluted net income per share was $0.08 and $0.07, respectively, for the fourth quarter of 2010, compared to $0.38 and $0.37, respectively, for the fourth quarter of 2009.

Full-Year 2010 Summary

Revenues were $230.8 million in 2010, compared to $244.8 million in 2009. Included in the results was $24.5 million revenue from Kmart in 2009 and $1.2 million revenue from Kmart in 2010. Also impacting the results was revenue of $7.3 million from TurboChef in 2009 with no comparable revenue in 2010.

Adjusted EBITDA for the full-year 2010 was $1.4 million, compared to $15.3 million in the prior year. Results in 2009 included the Kmart and TurboChef revenues mentioned above and a $3 million cash make-whole payment.

Operating loss for the full-year 2010 was $(8.7) million, compared to an operating loss of $(12.0) million in 2009. Included in the 2009 results was an impairment charge of $(11.4) million in the Merchandising segment.

Net loss per share was $(0.18) for the full-year 2010, compared to a net loss per share of $(0.27) in 2009. Included in the 2009 results was the previously mentioned impairment charge of $(11.4) million or $(0.21) per share.

Fourth Quarter 2010 Results by Segment

		Three Months Ended, December 31
		(unaudited, in thousands)
		2010				2009
REVENUES
Publishing		$	44,627			$	47,619
Broadcasting			16,358				14,252
Merchandising			11,606				25,700
Total Revenues		$	72,591			$	87,571
ADJUSTED EBITDA
Publishing		$	4,714			$	6,084
Broadcasting			920				3,612
Merchandising			7,024				23,783
Corporate			(7,071	)			(10,388	)
Total Adjusted EBITDA		$	5,587			$	23,091
OPERATING INCOME/(LOSS)
Publishing		$	4,440			$	5,759
Broadcasting			777				2,871
Merchandising			6,848				24,594
Corporate			(8,647	)			(11,923	)
Total Operating Income		$	3,418			$	21,301

Publishing

As previously announced, results from our former Internet segment are now included in our Publishing segment for all periods presented.

Revenues in the fourth quarter of 2010 were $44.6 million, compared to $47.6 million in the prior year’s fourth quarter. The comparison with last year was negatively impacted by the timing of the Fall issue of Martha Stewart Weddings, for which revenues were recognized in the third quarter of 2010 and in the fourth quarter of 2009. In addition, print advertising revenue was down but was largely offset by an increase in digital advertising revenue.

Adjusted EBITDA was $4.7 million in the fourth quarter of 2010, compared to $6.1 million in the prior year’s quarter.

Operating income was $4.4 million for the fourth quarter of 2010, compared to $5.8 million in the fourth quarter of 2009.

Highlights

	•		Digital advertising revenue was up 26% in the fourth quarter of 2010 versus the prior year quarter.
	•		According to ComScore unified data, unique visitors across MSLO’s websites increased 40% compared to the fourth quarter of 2009 with page views up 69% over the prior year’s period.
	•		Power Foods, MSLO’s latest cookbook, was published in December 2010 and promptly earned a spot on The New York Times’ Bestseller List in the Paperback Advice category.
	•		A special issue of Martha Stewart Living, MSLO’s first digital magazine for the iPad, launched in November; the app quickly became the No. 1 paid app in the Lifestyle category on the App Store and was named one of Time Magazine’s top 10 magazine covers of 2010.
	•		The “Martha Stewart Makes Cookies” baking app became the top-grossing app in the Lifestyle category on the App Store within hours of its November 2010 launch.

Broadcasting

Revenues in the fourth quarter of 2010 were $16.4 million, compared to $14.3 million in the fourth quarter of 2009, due to revenue from the delivery of new programming, partially offset by the absence of TurboChef from this year’s fourth quarter.

Adjusted EBITDA was $0.9 million for the fourth quarter of 2010 compared to $3.6 million in the prior year’s fourth quarter. The decrease is due primarily to the absence of TurboChef.

Operating income was $0.8 million for the fourth quarter of 2010, compared to operating income of $2.9 million in the fourth quarter of 2009.

Highlights

	•		Ratings of The Martha Stewart Show on the Hallmark Channel improved over the course of the quarter, peaking during the December holiday season.
	•		MSLO announced the addition of new programming on Hallmark Channel, including Martha Bakes, Martha Stewart’s first-ever baking series, and Petkeeping with Marc Morrone, a family-friendly series about pet care; both shows premiered in January 2011.
	•		Hallmark Channel picked up Mad Hungry with Lucinda Scala Quinn for an additional 80 episodes; production began in January.
	•		Chef Emeril Lagasse signed an agreement with the Food Network’s Cooking Channel for a new primetime show that is expected to debut in May. He also received a green light from Hallmark Channel for a new daily cooking show, which is expected to premiere in the fourth quarter of 2011.

Merchandising

Revenues were $11.6 million for the fourth quarter of 2010, as compared to $25.7 million in the prior year’s fourth quarter. Excluding Kmart revenues of $16.8 million, revenues increased 31% on a year-over-year basis in the fourth quarter.

Adjusted EBITDA was $7.0 million for the fourth quarter of 2010, compared to $23.8 million in the prior year’s fourth quarter. The fourth quarter of 2009 included Kmart revenue and a $3 million cash make-whole payment. Excluding Kmart and the make-whole payment, adjusted EBITDA increased 78% in the fourth quarter year-over-year.

Operating income was $6.8 million for the fourth quarter of 2010, compared to operating income of $24.6 million in the fourth quarter of 2009.

Highlights

	•		The Martha Stewart Living line at The Home Depot continued to perform well with notably strong results for the carpet program and the new holiday assortment, which included trees, ornaments, decor and lighting.
	•		The Martha Stewart Collection at Macy’s demonstrated double-digit, year-over-year sales growth in the quarter, driven by a robust holiday selling season, and an expanded assortment of soft home textiles.
	•		Martha Stewart Pets at PetSmart and Martha Stewart Crafts also had strong holiday seasons.
	•		Emeril’s coffee line with Timothy’s performed well in the quarter; the chef also launched a new line of cutlery with Sterling, a division of Lehrhoff, on HSN.

Corporate
Adjusted EBITDA was a loss of $(7.1) million in the fourth quarter of 2010 compared to a loss of $(10.4) million in the prior year’s quarter. Total Corporate expenses were $(8.6) million in the fourth quarter of 2010 compared to $(11.9) million in the prior year’s quarter. The decrease is largely due to savings in compensation-related expenses and lower rent expense.

The Company will host a conference call with analysts and investors on February 16th at 11:00 a.m. EDT that will be broadcast live over the Internet at www.marthastewart.com/ir, and an archived version will be available through March 3, 2011.

Use of Non-GAAP Financial Information
In addition to using net income to assess the organization’s overall financial health, Company management uses consolidated net income/(loss) before interest income or expense, taxes, depreciation and amortization, impairment, non-cash equity compensation expense and other expense (including loss on equity securities)(“adjusted EBITDA”), a non-GAAP financial measure, to evaluate the performance of our businesses on a real-time basis. Adjusted EBITDA is considered an important indicator of operational strength, is a direct component of the Company’s annual compensation program, and is a significant factor in helping our management determine how to allocate resources and capital. Adjusted EBITDA is used in addition to and in conjunction with results presented in accordance with GAAP. Management considers adjusted EBITDA to be a critical measure of operational health because it captures all of the revenue and ongoing operating expenses of our businesses without the influence of (i) interest charges, which result from our capital structure, not our ongoing business efforts, (ii) taxes, which relate to the overall organizational financial return, not that of any one business, (iii) the capital expenditure costs associated with depreciation and amortization, which are a function of historical decisions on infrastructure and capacity, (iv) the cost of non-cash equity compensation which, as a function of our stock price, can be highly variable, is not necessarily an indicator of current operating performance for any individual business unit, and is amortized over the appropriate period, (v) non-cash impairment charges, which are impacted by macro-economic conditions and do not necessarily reflect operating performance, and (vi) other income/(expense) which may include non-operational items.

Adjusted EBITDA provides a means to directly evaluate the ability of our business operations to generate returns on a real-time basis. We provide disclosure of adjusted EBITDA because we believe it is useful for investors to have means to assess our performance as we do. While adjusted EBITDA is a customized non-GAAP measure, it also provides a means to analyze value and compare our operating capabilities to those of companies with which we compete, many of which have different compensation plans, depreciation and amortization costs, capital structures and tax burdens. But please note that our non-GAAP results may differ from similar measures used by other companies, even if similar terms are used to identify such measures.

A limitation of adjusted EBITDA is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues for our overall organization. Management evaluates the costs of such tangible and intangible assets through other financial measures such as capital expenditures. Management also evaluates the cost of capitalized tangible and intangible assets by analyzing returns provided on the capital dollars deployed. A further limitation of adjusted EBITDA is that it does not include stock compensation expense related to our workforce. Adjusted EBITDA should be considered in addition to, and not as a substitute for, net income or other measures of financial performance reported in accordance with GAAP.

About Martha Stewart Living Omnimedia, Inc.
Martha Stewart Living Omnimedia, Inc. (MSLO) is a leading provider of original “how-to” information, inspiring and engaging consumers with unique lifestyle content and high-quality products. MSLO is organized into the following business segments: Publishing, Broadcasting, and Merchandising. MSLO is listed on the New York Stock Exchange under the ticker symbol MSO.

Forward-Looking Statements
We have included in this press release certain “forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts but instead represent only our current beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These statements include estimates of future financial performance, potential opportunities, expected product line expansions and additions, future acceptability of our content and our businesses, anticipated growth, and other statements that can be identified by terminology such as “may,” “will,” “should,” “could,” “position,” “expects,” “intends,” “plans,” “thinks,” “believes,” “estimates,” “potential,” “seem,” “counting” or “continue” or the negative of these terms or other comparable terminology. The Company’s actual results may differ materially from those projected in these statements, and factors that could cause such differences include: adverse reactions to publicity relating to Martha Stewart or Emeril Lagasse by consumers, advertisers and business partners; the failure of national and/or local economies to improve or renewed deterioration of such economies; shifts in our business strategies; a loss of the services of Ms. Stewart or Mr. Lagasse; a loss of the services of other key personnel; a renewed softening of the domestic advertising market; changes in consumer reading, purchasing and/or television viewing patterns to which our offerings are unable to respond; unanticipated increases in paper, postage or printing costs; operational or financial problems at any of our contractual business partners; the receptivity of consumers to our new product introductions; the inability to add to our partnerships or capitalize on existing partnerships; and changes in government regulations affecting the Company’s industries.

Certain of these and other factors are discussed in more detail in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, especially under the heading “Risk Factors,” which may be accessed through the SEC’s World Wide Web site at http://www.sec.gov. The Company is under no obligation to update any forward-looking statements after the date of this release.

Martha Stewart Living Omnimedia, Inc.
Consolidated Statements of Operations
Three Months Ended December 31,
(unaudited, in thousands, except per share amounts)

		2010				2009
REVENUES
Publishing		$	44,627			$	47,619
Broadcasting			16,358				14,252
Merchandising			11,606				25,700
Total revenues			72,591				87,571
OPERATING COSTS AND EXPENSES
Production, distribution and editorial			38,397				34,310
Selling and promotion			17,399				17,762
General and administrative			12,434				13,485
Depreciation and amortization			943				1,881
Impairment charge			—				(1,168	)
Total operating costs and expenses			69,173				66,270
OPERATING INCOME			3,418				21,301
OTHER INCOME/(EXPENSE)
Interest expense, net			(4	)			(11	)
Gain on sale of short-term investments			1,109				—
Other			8				—
Total other income/(expense)			1,113				(11	)
INCOME BEFORE INCOME TAXES			4,531				21,290
Income tax provision			(427	)			(537	)
NET INCOME		$	4,104				20,753
INCOME PER SHARE — BASIC AND DILUTED
Net income — Basic		$	0.08			$	0.38
Net income— Diluted		$	0.07			$	0.37
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic			54,512				54,065
Diluted			55,789				55,620

Martha Stewart Living Omnimedia, Inc.
Consolidated Statements of Operations
Twelve Months Ended December 31,
(unaudited, in thousands, except per share amounts)

		2010				2009
REVENUES
Publishing		$	145,573			$	146,100
Broadcasting			42,434				46,111
Merchandising			42,806				52,566
Total revenues			230,813				244,777
OPERATING COSTS AND EXPENSES
Production, distribution and editorial			124,235				121,522
Selling and promotion			60,288				59,333
General and administrative			50,321				56,584
Depreciation and amortization			4,632				7,874
Impairment charge			—				11,432
Total operating costs and expenses			239,476				256,745
OPERATING LOSS			(8,663	)			(11,968	)
OTHER INCOME/(EXPENSE)
Interest expense, net			(66	)			(101	)
Loss on sale of fixed asset			(647	)			—
Gain on sale of short-term investments			1,512				—
Loss on equity securities			—				(547	)
Other			(15	)			(236	)
Total other income/(expense)			784				(884	)
LOSS BEFORE INCOME TAXES			(7,879	)			(12,852	)
Income tax provision			(1,717	)			(1,726	)
NET LOSS		$	(9,596	)		$	(14,578	)
LOSS PER SHARE — BASIC AND DILUTED
Net Loss		$	(0.18	)		$	(0.27	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic and diluted			54,440				53,880

Martha Stewart Living Omnimedia, Inc.
Consolidated Balance Sheets
(in thousands, except per share amounts)

		December 31,				December 31,
		2010				2009
		(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	23,204			$	25,384
Short-term investments			10,091				13,085
Accounts receivable, net			59,250				56,364
Inventory			5,309				5,166
Deferred television production costs			2,413				3,788
Other current assets			4,772				5,709
Total current assets			105,039				109,496
PROPERTY, PLANT AND EQUIPMENT, net			14,507				17,268
GOODWILL, net			45,107				45,107
OTHER INTANGIBLE ASSETS, net			46,547				47,070
OTHER NONCURRENT ASSETS, net			11,114				10,850
Total assets		$	222,314			$	229,791
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities		$	30,062			$	26,752
Accrued payroll and related costs			6,541				7,495
Current portion of deferred subscription income			18,734				18,587
Current portion of other deferred revenue			4,732				4,716
Current portion loan payable			1,500				—
Total current liabilities			61,569				57,550
DEFERRED SUBSCRIPTION INCOME			4,529				5,672
OTHER DEFERRED REVENUE			1,413				2,759
LOAN PAYABLE			7,500				13,500
DEFERRED INCOME TAX LIABILITY			4,528				3,200
OTHER NONCURRENT LIABILITIES			3,742				3,290
Total liabilities			83,281				85,971
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Class A common stock, $0.01 par value, 350,000 shares authorized: 28,753 and 28,313 shares outstanding in 2010 and 2009, respectively.			288				283
Class B common stock, $0.01 par value, 150,000 shares authorized: 26,318 and 26,690 shares outstanding in 2010 and 2009, respectively.			263				267
Capital in excess of par value			295,576				290,387
Accumulated deficit			(156,201	)			(146,605	)
Accumulated other comprehensive (loss)/income			(118	)			263
			139,808				144,595
Less class A treasury stock — 59 shares at cost			(775	)			(775	)
Total shareholders’ equity			139,033				143,820
Total liabilities and shareholders’ equity		$	222,314			$	229,791

Martha Stewart Living Omnimedia, Inc.
Supplemental Disclosures Regarding Non-GAAP Financial Information
Three Months Ended December 31,
(unaudited, in thousands)

The following table presents segment and consolidated financial information, including a reconciliation of net income, a GAAP measure, and adjusted EBITDA, a non-GAAP measure. In order to reconcile adjusted EBITDA to net income, non-cash equity compensation, depreciation and amortization, non-cash impairment charge adjustments, other income/(expense) and income taxes are added back.

		2010				2009
ADJUSTED EBITDA
Publishing		$	4,714			$	6,084
Broadcasting			920				3,612
Merchandising			7,024				23,783
Corporate			(7,071	)			(10,388	)
Adjusted EBITDA			5,587				23,091
NON-CASH EQUITY COMPENSATION
Publishing			69				(219	)
Broadcasting			13				188
Merchandising			168				344
Corporate			976				764
Total Non-Cash Equity Compensation			1,226				1,077
DEPRECIATION AND AMORTIZATION
Publishing			205				544
Broadcasting			130				553
Merchandising			8				13
Corporate			600				771
Total Depreciation and Amortization			943				1,881
IMPAIRMENT CHARGE
Merchandising			—				(1,168	)
Total Impairment Charge			—				(1,168	)
OPERATING (LOSS) / INCOME
Publishing			4,440				5,759
Broadcasting			777				2,871
Merchandising			6,848				24,594
Corporate			(8,647	)			(11,923	)
Total Operating Income			3,418				21,301
OTHER INCOME / (EXPENSE)
Interest expense, net			(4	)			(11	)
Gain on equity securities			8				—
Gain on sale of short-term investments			1,109				—
Total other income/(expense)			1,113				(11	)
INCOME BEFORE INCOME TAXES			4,531				21,290
Income tax provision			(427	)			(537	)
NET INCOME		$	4,104			$	20,753

Martha Stewart Living Omnimedia, Inc.
Supplemental Disclosures Regarding Non-GAAP Financial Information
Twelve Months Ended December 31,
(unaudited, in thousands)

The following table presents segment and consolidated financial information, including a reconciliation of net loss, a GAAP measure, and adjusted EBITDA, a non-GAAP measure. In order to reconcile adjusted EBITDA to net loss, non-cash equity compensation, depreciation and amortization, non-cash impairment charges, other income/(expense) and income taxes are added back.

		2010				2009
ADJUSTED EBITDA
Publishing		$	4,329			$	3,255
Broadcasting			(470	)			8,418
Merchandising			25,847				38,613
Corporate			(28,336	)			(35,001	)
Adjusted EBITDA			1,370				15,285
NON-CASH EQUITY COMPENSATION
Publishing			552				1,233
Broadcasting			230				889
Merchandising			803				1,468
Corporate			3,816				4,357
Total Non-Cash Equity Compensation			5,401				7,947
DEPRECIATION AND AMORTIZATION
Publishing			1,127				2,191
Broadcasting			878				1,389
Merchandising			43				62
Corporate			2,584				4,232
Total Depreciation and Amortization			4,632				7,874
IMPAIRMENT CHARGE
Merchandising			—				11,432
Total Impairment Charge			—				11,432
OPERATING (LOSS) / INCOME
Publishing			2,650				(169	)
Broadcasting			(1,578	)			6,140
Merchandising			25,001				25,651
Corporate			(34,736	)			(43,590	)
Total Operating Loss			(8,663	)			(11,968	)
OTHER INCOME / (EXPENSE)
Interest expense, net			(66	)			(101	)
Loss on sale of fixed asset			(647	)			—
Gain on sale of short-term investments			1,512				—
Loss on equity securities			—				(547	)
Other			(15	)			(236	)
Total other income/(expense)			784				(884	)
LOSS BEFORE INCOME TAXES			(7,879	)			(12,852	)
Income tax provision			(1,717	)			(1,726	)
NET LOSS		$	(9,596	)		$	(14,578	)

CONTACT: Katherine Nash, Corporate Communications and Investor Relations, Martha Stewart Living Omnimedia, Inc., +1-212-827-8722, knash@marthastewart.com