MUMBAI: She may be about to serve a five month jail sentence for having indulged in insider trading but that is not stopping Amercian media icon Martha Stewart from innovating for the future.

Stewart has announced that her company Martha Stewart Living Omnimedia is teaming with reality television producer Mark Burnett to create a new television series in which she will be featured.

A report in CNN added that as part of the agreement, the company issued Burnett a warrant to purchase up to 2.5 million shares of the company's Class A common stock at an exercise price of $12.59 a share.

The share price of her company climbed after reports surfaced about her announcement that she wants to serve the prison sentence as soon as possible and news about a possible partnership with Burnett.

In a statement Stewart said, "Mark and I have forged a bond based on similar creative visions and common respect for strong and distinctive programming. I look forward to collaborating with Mark to bring more of our unique blend of original high-quality, educational and inspirational programming to our loyal viewers and new programming to new audiences in prime time next year."

Burnett created Survivor and The Apprentice. In India the latter airs on Star World. An AP report added that Burnett also may revamp Stewart's daytime lifestyles show.