FOR IMMEDIATE RELEASE



                   MARTHA STEWART LIVING OMNIMEDIA, INC.

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                    ANNOUNCES THIRD QUARTER 2003 RESULTS

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     NEW YORK, NEW YORK, OCTOBER 30, 2003 --- Martha Stewart Living

Omnimedia, Inc. (NYSE: MSO) today announced its results for the third

quarter and nine-month periods ended September 30, 2003.



Revenues for the third quarter of 2003 were $51.2 million, compared to

$70.9 million in the prior year's quarter. Operating income (loss) for the

third quarter was ($6.2) million, compared to $4.5 million for the third

quarter of 2002, while operating income (loss) before depreciation and

amortization ("OIDA") for the third quarter of 2003 was ($4.3) million,

compared to $7.3 million in the same period last year. Earnings (loss) per

share from continuing operations were ($0.08) for the third quarter of

2003, compared to $0.06 in the 2002 quarter.



Sharon L. Patrick, President and Chief Executive Officer, said, "Despite

the challenges of the last five quarters, MSO is moving forward, managing

with a commitment to the long-term prospects of the Company, preserving the

excellence of our core media products and brand labels, safeguarding our

quality standards, and continuing to invest in talented people and in our

opportunities to grow the business. We are fortunate that our cash and

short-term securities position, which grew this quarter to $175 million,

allows these investments. As a result, consumer demand for our products

indicates that we are retaining our large core of loyal readers, viewers,

and shoppers.



"The third quarter produced a slate of successful new brand label programs

and product launches for MSO across business segments - Everyday Food

magazine, Petkeeping with Marc Morrone syndicated television show, Martha

Stewart Everyday exclusively at Sears Canada, and the introduction of the

Martha Stewart Signature Turkey Hill Furniture collection. Consumer and

market acceptance was strong across the board with all programs on track,

and Everyday Food exceeding its plan. We have also improved the performance

of our Internet/Direct Commerce segment, which is now operating on a

"right-sized," more efficient strategy, resulting in substantially lower

costs and an improved product offering. Additionally, we continue to take

steps to ensure that our employees are motivated and focused on producing

outstanding products that will lead to long-term growth in shareholder

value. We are proceeding through this period with an appropriate mix of

confidence and prudence, buoyed by the continued support from millions of

our valued customers."



THIRD QUARTER 2003 RESULTS BY SEGMENT

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PUBLISHING

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Revenues in the quarter were $29.1 million, compared to $46.5 million in

the year-ago period. OIDA and operating income were $1.4 million for the

quarter, compared to $15.3 million in the year-ago period. The results

reflect lower advertising and circulation revenue from Martha Stewart

Living magazine in the quarter, investment spending in Everyday Food, and a

change in the timing of publication of Martha Stewart Weddings from the

third quarter to the second quarter. In addition to the publication of two

issues of Everyday Food in the 2003 quarter, the Company also published one

Special Interest Publication, compared to two Special Interest Publications

in the third quarter of 2002. The prior year quarter included the

publication of the Summer issue of Martha Stewart Weddings, while this

year's Summer issue was published in the second quarter.



TELEVISION

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Revenues in the third quarter of 2003 were $6.6 million, compared to $6.4

million in the prior year's quarter. OIDA was $0.2 million for this year's

third quarter, compared to $1.5 million in the prior year's third quarter.

Operating income for the third quarter of 2003 was breakeven, compared to

$1.1 million in the third quarter of 2002. The decline in profitability was

due primarily to higher production costs associated with the Company's

nationally syndicated daily show, in addition to lower production costs

recognized in the prior year's quarter resulting from the renewal of the

Company's licensing agreement with the Food Network.



MERCHANDISING

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Revenues in the third quarter of 2003 were $8.9 million, compared to $10.1

million in the prior year quarter. Revenues in the 2003 quarter reflect the

combined effect of strong sales of our Martha Stewart Everyday products

sold at Kmart with a higher royalty rate on those products, as well as

sales of the Martha Stewart Signature line of furniture, offset by the

impact on product sales of Kmart store closures. Revenues recorded in the

quarter from the Company's contract with Kmart reflect royalties earned on

actual product sales, without giving effect to annual minimum royalty

amounts that are payable in early 2004. OIDA was $4.7 million, compared to

$6.2 million in the prior year's quarter. Third quarter 2003 operating

income was $4.6 million, compared to $6.0 million in the third quarter of

2002. The declines in operating income and OIDA resulted principally from

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