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J.C. Penney buys stake in Martha Stewart Living

J.C. Penney Co. Inc. (NYSE: JCP) bought a 16.6 percent stake in Martha Stewart Living Omnimedia Inc. (NYSE: MSO) for $38.5 million dollars, the company said Wednesday.

The Plano-based department store chain said it would introduce Martha Stewart retail stores inside its department stores in February 2013. The stores will offer home and lifestyle products. The companies also will produce an e-commerce site under the 10-year agreement.

J.C. Penney bought 11 million shares for $3.50 a share, still Martha Stewart herself is the company’s biggest shareholder...