NEW YORK, April 1 /PRNewswire-FirstCall/ -- Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) said today that the Delaware Supreme Court has ruled in the Company's favor in a derivative lawsuit brought against the Company and its directors in office at the time the suit was filed (Arthur C. Martinez, Darla D. Moore, Sharon L. Patrick, Naomi O. Seligman, Martha Stewart, and Jeffrey W. Ubben).

The unanimous decision by the Delaware Supreme Court affirmed the earlier dismissal by the Delaware Chancery Court of the suit, which primarily alleged breaches of fiduciary duty by the directors in connection with events related to Martha Stewart's personal sale of ImClone stock and the directors' response to those events. The plaintiff had appealed the Chancery Court decision, arguing that MSO's board of directors lacked independence. The Delaware Supreme Court rejected that argument and found that the complaint provided no basis to question the independence of MSO's board.

The case is being handled for the Company by its outside counsel at the firm of Fried, Frank, Harris, Shriver & Jacobson LLP.

SOURCE  Martha Stewart Living Omnimedia, Inc.
/CONTACT:  Media - Elizabeth Estroff, AVP, Corporate Communications,
+1-212-827-8281, or Investors - James Follo, Chief Financial Officer,
+1-212-827-8218, both of Martha Stewart Living Omnimedia, Inc./
    /Web site:  http://www.marthastewart.com /
    (MSO)