J.C. Penney (JCP), whose shares have plunged more than 56% over the past five years, is joining forces with Martha Stewart Living Omnimedia (MSO), whose shares have plummeted nearly 85% during that same period of time. This is corporate America's answer to a shotgun wedding.

J.C. Penney Wednesday agreed to acquire a 16.6% stake in Martha Stewart's media empire for $38.5 million. It's a steal. New York-based Martha Stewart has a market capitalization of about $173 million, a fraction of the $1.87 billion value the company had in February 2005. Shares of the media conglomerate soared on the news. Before the announcement, they were down more than 29% this year even though the company hired Blackstone Group (BX) in May to "review proposals from parties interested in partnering or investing in the company."

J.C. Penney is not in great shape either. New CEO Ron Johnson, who joined the Plano, Tex. company from from Apple (AAPL) in November, figures that adding more name brands will attract more shoppers to the venerable retailer. Comparable store sales for the third quarter at J.C. Penney declined 1.6%. For the year, they are "expected to be flat to up slightly to last year," the company said. Martha Stewart alone won't be able to reverse this trend. The brand is spread thin already.

Martha Stewart's merchandising business is the only bright spot in the company's dismal results thanks to its high profile partnerships with Macy's (M), Home Depot (HD) and Petsmart (PETM), along with others. In the third quarter, it was the only profitable business. The others, broadcasting and publishing, are struggling because the popularity of Martha Stewart the person is fading. Martha Stewart Living recently revamped its TV business to address the ratings decline. 

Unless Martha Stewart the executive can create a magic wand with common household supplies, joining forces with J.C. Penney won't do much to address the glaring weaknesses at both companies.

Jonathan Berr is a freelance writer whose work appears on numerous websites.