Martha Stewart Living Omnimedia Inc. shares rose 5 percent on Monday after the media company hired an influential advertising executive from Yahoo Inc. for its media business.
Martha Stewart Living, named after its lifestyle guru founder, said on Sunday that Wenda Harris Millard would become president of media, effective July 16, to lead the expansion of its Internet business and run the publishing and broadcasting activities.
The shares rose 88 cents, or 5.06 percent, to $18.27 in morning trading.
Millard was the chief sales officer at Yahoo, and some analysts have said the move could have a negative impact on Yahoo's advertising business.
Yahoo shares, however, rose 35 cents, or 1.28 percent, to $27.73, after Yahoo said it would merge parts of its U.S. advertising business and restructure its advertising sales team.