Martha Stewart Living in TV Deal With Burnett

Martha Stewart Living Omnimedia Inc. said Wednesday that it had signed a consulting agreement with “reality” show producer Mark Burnett to refashion the namesake founder’s lifestyle television show and collaborate on other television projects.

The agreement also includes the development and production of a prime-time network television series featuring Stewart, who is expected to return to her multimedia empire in March after completing a five-month prison sentence for lying about a stock sale.

Burnett, who produces shows such as “The Apprentice” and “Survivor,” said he, Stewart and the company would “explore new ways to communicate that unique combination of teaching, usefulness, quality, style and impeccable taste that millions of viewers have enjoyed for over a decade.”

Stewart was convicted in March of lying about why she sold 3,928 shares of ImClone Systems Inc. on Dec. 27, 2001 -- the day before a negative announcement about the company that sent the stock price plunging.

She is slated to begin her jail term Oct. 8 but plans to continue to appeal her conviction.

Shares of Martha Stewart Living rose 17 cents to $14.98 on the New York Stock Exchange before the TV deal was announced, and then gained $1.48 in after-hours trading.