Martha Stewart Living acquired for about $353 million by Sequential Brands

Martha Stewart Living is being acquired in a cash-and-stock deal valued at about $353 million.

Martha Stewart will remain as chief creative officer and will be nominated to the board, where she is now non-executive chair. She'll also be a "significant" stockholder.

Sequential Brands Group Inc., which owns Revo, the Franklin Mint and other brands, will pay $6.15 per share. That is below the company's Friday closing price of $6.98. Shares tumbled 14 percent in early trading.

The deal is expected to close in the second half of the year.

Martha Stewart Living Omnimedia Inc. is based in New York City.