Stewart, Probation Officials Meet

Martha Stewart met on Monday with federal probation officials who will recommend a sentence for her conviction on charges of lying about a stock sale, then emerged from the courthouse to thank her supporters.

Stock in Stewart’s namesake empire slid an additional 8%, and the board of Martha Stewart Living Omnimedia met to discuss life without her.

The probation meeting is the first step toward sentencing. Lawyers did not comment on what took place, but newly convicted defendants typically give basic information about themselves. Stewart was convicted Friday along with her former stockbroker, Peter Bacanovic. Both are expected to get 10 to 16 months in prison when they are sentenced June 17.

“I want to thank my readers, my viewers and the Internet users,” Stewart said as she stepped into a sport utility vehicle. “I just want to thank everyone for their support.”

Stewart was convicted of conspiracy, making false statements and obstruction of justice in connection with her sale of nearly 4,000 shares of ImClone Systems Inc. stock shortly before the biotech firm announced bad news and the shares plummeted.

The board of Martha Stewart Living met Monday to discuss her fate, according to a source close to the company.

Stewart stepped down as chief executive and chairman in June after being indicted, but she is chief creative officer and a board member. The government probably will press to have Stewart removed from the board, but the question is how involved in the company she will be.

Stewart stepped down from the board of Revlon Inc. on Monday, a Revlon spokeswoman said. Stewart had served on Revlon’s board since 1996.

Stewart’s syndicated television show, “Martha Stewart Living,” was taken off the air Monday as expected on Viacom Inc.-owned CBS and UPN stations, including KCBS and KCAL in Los Angeles. There was no word about the show’s future from King World, which syndicates the show nationwide.

At cable’s Food Network, “From Martha’s Kitchen” has seen no major viewer or advertiser defections. The show will air in its regular slots “as we evaluate these new circumstances,” a spokeswoman for parent Scripps Networks said.

Martha Stewart Living Omnimedia fell 96 cents to $9.90 on the New York Stock Exchange.

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Associated Press was used in compiling this report. Times staff writers Scott Collins and Elizabeth Jensen contributed to it.