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CNN LARRY KING LIVE

Interview With Martha Stewart

Aired October 11, 2005 - 21:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


LARRY KING, HOST: Tonight, exclusive, Martha Stewart in her first live in depth prime time interview since she was released from prison. She's here for the hour.
We'll take your phone calls next on LARRY KING LIVE.

Before we begin, a sad note, Brent Shapiro, the oldest son of attorney Robert Shapiro, famous, of course, during the O.J. Simpson trial, passed away over the weekend. We extend our deepest condolences to the Shapiro family on this gravest of all losses.

Martha Stewart. She's back and she's everywhere. Martha Stewart's new book, "The Martha Rules" has just hit the shelves. This book, by the way, is today, number one on Amazon. There you see its cover. Her first major cookbook since 1999, "Martha Stewart's Baking Handbook" will be out in November. There you see its cover.

And Warner DVD has just released "Martha's Classic Holidays". She's also the host of her own TV show daily, which we appeared on a couple weeks ago. A lot of fun. The syndicated show, "Martha." And she's the boss on the new NBC prime-time reality series "The Apprentice: Martha Stewart" airing on Wednesday night. Lots of things to discuss. Let's get right to it.

What, Martha, is your current legal status?

MARTHA STEWART, TV PERSONALITY: Well, right now I have served my sentence. I am -- I have an appeal in front of the Second Circuit in New York, a court of appeals and I'm awaiting their decision.

KING: You could have waited that whole thing out. Are there moments you are sorry you went to prison?

STEWART: No, not even for a second, Larry. I could still, actually, be waiting, and I would be waiting if we had appealed. I had a stay from the judge to keep me out of prison while the appeal was being determined, but I wouldn't have all those things you just mentioned. Guess what. They would not exist. Because I would be worried and advertisers would have withheld their advertising, television would not have put me on.

In America, you are -- you know, you go to trial, you are sentenced or freed, and you do your time. And then you are hopefully forgiven. And I think it's worked very, very nicely. I'm glad I did what I did. KING: Your public has certainly forgiven you, it's obvious, from all the attention you've gotten. Do you feel it a little ironic that that stock that you involved selling, not a large amount, is now up?

STEWART: Well, it is -- it is not ironic. It's a very good company. They've found a cure for cancer. And it was a decision I made on the spur of the moment and that's that.

KING: OK. Anybody who has to face going somewhere like you went to prison has to have pre-thoughts. What surprised you the most about it?

STEWART: Well, that actually it wasn't as horrible as anticipated. You know, it is a total lack of freedom. A lack of being able to go where you want to go, do what you want to do. You are incarcerated. It is a very serious thing. I took it seriously. I served my time with dignity, I hope. I met many, many people there that I actually have great compassion for. And I don't regret my decision in any way.

KING: Did friendships develop?

STEWART: Oh, yeah. There's some women there that I would love to be friends with. I unfortunately, during my probation period, I'm not allowed to have any contact whatsoever with any of the inmates that I met or any convicted felons, for that matter. I'm not allowed to converse. I mean, if I just happen to meet somebody on the street and they talk to me, you know, it's a violation. So if you know that they're a convicted felon, you can not speak to them.

KING: Was home confinement weird?

STEWART: Yeah, really weird. You know, I was kind of -- I've been an independent woman for a long time. And when you have to watch the clock, when you have to account for every single minute of your time, and you are really -- I was restricted. I was allowed to be out of my house for 48 hours. And I live on a large piece of property with lots of houses. And the houses all have specific uses. Like I have a gym on the property in another building.

I was not allowed to go to that gym. I have a library where my books are kept where I do my research. I was not allowed to go to that library. So, you know, it's very restrictive. And although this weekend one good thing came out of that. I was with a group of friends up in Maine at my house in Maine, which I was not really allowed to go to. And my friend said, gosh, you've never been so prompt. You're right on time. Every single minute of the day, you're just on time. And I think I learned something.

KING: Tell me about that poncho, which has become some sort of symbolic thing. You still have it?

STEWART: Oh, of course, of course. Well, the poncho was a very fortuitous gift from a very lovely lady who is serving a long sentence at Alderson. She made that for me as a gift because I had taught her yoga all during the time I was there. Oh, yeah, through am getting on the plane with my daughter.

And she made me the poncho. I didn't plan to wear it. I didn't plan to make a fashion statement. But the poncho was a -- it was a cold night and we were leaving at midnight. I put it on at the last second. And it was warm and cozy, and people went wild over it. So we actually took advantage of the fashion statement part of it made that poncho and sold almost 15,000 of them for Martha Stewart Living, all profits to go to women in need and also victims of the hurricanes.

KING: Can you say you were treated well in prison?

STEWART: I was treated just like any other inmate.

KING: No favors, no breaks.

STEWART: I don't think so, no.

KING: Guards were kind to you or treated you like anyone else? No special treatment?

STEWART: The other inmates?

KING: Yeah.

STEWART: Were extremely kind. I heard a few little rumblings behind my back. But everybody hears rumblings behind one's back in a place like that. And I got the same awful food that everybody else got. I got the same -- I had to stand in line like everybody else to go to the commissary. You stand in line to do everything. The waiting in line was very difficult. Not that I don't stand in line if I have to like at the movies, but it's a lot of wasted time. Many, many lines.

KING: What -- did it change you in any way, this experience?

STEWART: I don't think I'm changed. I did find out -- or at least I realized a lot of things about myself while I was there. That I'm a strong woman. That I'm a very healthy woman, thank heavens. That I can put up with a lot. I can be patient. That I can make friends in all places. That I can teach. That people still want to get information from me and inspiration. That I am able to survive very, very bad things and still come home, thrive and see a bright future.

KING: One other thing on that experience, then we want to move on to other things.

STEWART: Good.

KING: You are still on probation.

STEWART: Yes.

KING: Until March of 2007. What does that mean? You report to a probation officer? STEWART: Yeah, mostly about travel. If I want to go someplace, like last week when I wanted to go to Canada, to Nova Scotia for the Pumpkin Regatta, I have to ask my probation officer for permission to go to a place like that. And for specific -- and he asked for specific reasons, and actually going to a pumpkin regatta was -- he got a tickle out of that. But it was -- so you have to apply. You have to get the permit. And then you have to travel with your permit. And then when you return, you have to report in.

KING: Only you would go to a pumpkin regatta.

STEWART: Well, listen, those pumpkins -- this guy Howard Dillup (ph) in Nova Scotia outside of Halifax grows some of the world's largest pumpkins. We have featured him in our magazine. When they asked me to come up for the pumpkin regatta where they hollow out these 600-700 pound pumpkins and make them into little boats, I thought it sounds really silly but it's really fun. And so I just oh, yeah, I'll come. And then I applied for permission, my probation officer said okay.

Then I found out that actually Canada does have a policy that doesn't allow convicted felons to enter the country without a specific visa, which may or may not take about a year to get. So I was finally granted a work visa and allowed to go.

And then I couldn't get from Maine where I was to Nova Scotia because of those torrential rainstorms we've been experiencing over the weekend. So I couldn't get out of Maine to go there. And I was so -- I was so sad -- but we sent our whole production team up there. They were filming the whole event. And it was hysterically funny and very heartwarming.

KING: Didn't know that felons couldn't go to Canada. We'll take a break and come back and ask Martha Stewart about a lot of other things. We'll also be including your phone calls. Don't go away.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: What I'm discovering in myself is that I may not have the skill set to manage people.

STEWART: During my lifetime building this company and before, I don't think I've ever quit a job. I wouldn't think about it. And I would absolutely -- I mean I've gone through going to jail. I could have said, oh, my god and whined and cried. In fact, I made the best of a very, very difficult situation. I don't think that I can keep you here as a team player if you can't be a leader. I wish you good luck. And good-bye.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

STEWART: And I'll be back. I will be back. Whatever I have to do in the next few months, I hope the months go by quickly. I'm used to all kinds of hard work, as you know. And I'm not afraid. I'm not afraid whatsoever.

(END VIDEO CLIP)

KING: Martha Stewart, our special guest. The book "The Martha Rules, Ten Essentials For Achieving Success As You Start, Build Or Manage Your Business." One of many, many, many enterprises. Did you expect to be this busy?

STEWART: When I returned home? Oh, yes, I certainly did. I knew I had a lot of work to do. I have a wonderful team in place at Martha Stewart Living. And a new CEO, a new chairman of the board. A wonderful new board primarily made up of very -- people very excited with the prospects of this company. And my employees have been steadfast and true. And we are working like crazy to make up for lost time.

KING: All right. Let's discuss some things individually. Why isn't "The Apprentice" doing better?

STEWART: Well, I'm not an expert on ratings at all or timing of programs. I am very pleased with "The Apprentice." I'm pleased with the way it turned out. I think that any company like ours that can have a promotional vehicle like "The Apprentice Martha Stewart" behind it or in front of it is phenomenal. We reach millions every week, Larry. They're getting to know what our company is like, what I stand for as a businesswoman. And however badly or well those apprentices, those candidates behave, it doesn't reflect on our company other than in a very, very positive light.

KING: But some writers still enjoy picking on you and they enjoy saying this show is not making it. Does that hurt you?

STEWART: No, it doesn't hurt me.

KING: It doesn't?

STEWART: There are two "Apprentices" out there, both the Donald "Apprentice" and the Martha "Apprentice." We are both trying to teach people business rules and behavior and how to be a good entrepreneur. How to really work within a business framework. And I think that the people who are watching are learning. I think they are enjoying. I've been getting very good feedback. Very, very good feedback.

KING: Now how about the daily show? By the way, I must say as a personal thing that set is the best set in daytime television. The kitchen could be the kitchen for any restaurant. And I had a lot of fun doing that show. Are you having fun doing it?

STEWART: I am. Didn't I seem like I was having a good time with you?

KING: You sure did. In fact, I would say it was the best I've ever seen you was hosting that show. The happiest I've seen you.

STEWART: Well, thank you. We enjoyed having you on. Your cake decorating needs a little bit of practice. KING: A little work.

STEWART: But otherwise our guests adored you. We had such wonderful feedback from your appearance. And that, too, is a lot of fun. I am having a great time with the show. We are only three weeks into our season. We had the best beginning of a new show, best ratings since Dr. Phil. That's saying a lot. And I'm very pleased with it. Our crew is phenomenal. I think you had a good experience with our whole crew.

KING: They're wonderful people.

STEWART: We're having a good time.

KING: How do you bounce all the balls, though? You're running a company.

STEWART: No, no, Susan Lyne is running our company.

KING: You don't run it at all?

STEWART: Our new CEO. I work with Susan. And she's running the company. She's filling the void, she's building and creating and doing an awful lot in that company. She's phenomenal. You know, she used to work for ABC.

KING: Oh, I know.

STEWART: She was the person who found "Desperate Housewives" and "Lost." She's an amazing, very competent executive.

KING: But you still have a lot of balls bouncing in the air. How do you -- do you have a social -- I mean, is everything back for you? I mean, how do you do it all?

STEWART: Everything's really good. I enjoy this kind of life. I enjoy working really hard. I enjoy being creative. I enjoy the kinds of tasks that are put to me every day. And I wake up ready to get out of bed in the morning. I don't want to curl up and stay in bed, believe it or not.

KING: We'll take a break and be back with more with Martha Stewart. We'll take your calls at the bottom of the hour. Her new DVD from Warner DVDs is "Martha's Classic Holidays." and her first major cookbook "Martha Stewart's Baking Handbook" will be out in November. We'll go to your calls at the bottom of the hour and we'll be right back.

(BEGIN VIDEO CLIP)

STEWART: For your next task, each team has to design, bake and sell an original wedding cake.

UNIDENTIFIED FEMALE: Matchstick sold zero cakes for zero dollars.

STEWART: Well, that's a clear loss. I want to know who was in charge of sales.

UNIDENTIFIED MALE: Yeah.

UNIDENTIFIED FEMALE: There's only so much you can do to sell a burka to a swimsuit model.

UNIDENTIFIED FEMALE: In my business, they say fake it till you make it.

STEWART: Shawn (ph), you said fake it till you make it, and in my business there's just no faking it. The second thing you said was if the team didn't win the task, that you would go home. So Shawn, I have to say good-bye.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

STEWART: Well, please, welcome my alter ego, the very, very funny David Spade.

Well, David, welcome. I see you have your ankle bracelet. Your poncho. And poor little Francesca, you're holding her by the ear.

DAVID SPADE, COMEDIAN: Say hello to my little friend.

(END VIDEO CLIP)

KING: It's that kind of show. It is funny. You also have a compilation CD, a musical CD?

STEWART: Yes.

KING: What is that?

STEWART: These are wonderful compilations for the holidays with Sony-BMG. And they're Christmas music compilations. One is for the traditional music, one is for the classical music, and one is for jazz. Oh, they're wonderful for Christmas. All packaged beautifully. Wonderful photographs. Wonderful ideas for entertaining, recipes. It's just the kind of thing you need.

KING: The idea to use Alexis, your daughter on the show. I know Alexis pretty good. And Alexis is on the shy side. How did you come to get her into "The Apprentice" thing?

STEWART: I think Alexis is ready to do thing like this. She's working very hard on the making of a new radio show for Sirius Radio. She's doing a show called "Whatever." And it's a two-hour girl talk for girls only. She says that it's -- she's going to talk about whatever you don't even dare to -- you only dare to think about.

So Alexis is very clever, very bright. You know how -- what a good person she is. And she has a great sense of humor. So I think all of that's going to come out. On "The Apprentice," she is really introspective, she's really determined to make the right decision with me. And she found it very difficult to understand these candidates. You don't know what they're like until you see the actual show itself. I had no idea how they behaved behind the scenes.

KING: Are you comfortable letting people go?

STEWART: Oh, yes. I mean, the ones that have gone so far ...

KING: You are?

STEWART: Oh, absolutely. I don't like to fire people. But I haven't hired these people. So I don't think I'm firing them. I'm eliminating them from a competition. Look at it that way.

KING: OK -- You have joined PETA. Were you ever a fur wearer?

STEWART: I did wear fur until I started to watch the tapes that PETA sent me. I am convinced that there is no reason to treat the animals as cruelly as they are treated. If that stopped, if animals were raised specifically for a purpose like meat and slaughtered humanely, that would be a different story. But I did public service announcement for them. And I do believe that it was the right thing to do.

KING: With the holidays coming -- now this is correct, right? You were in prison last Christmas.

STEWART: I was.

KING: And your group didn't win the best what?

STEWART: You will to decorate each of the houses where we lived. And, you know, Larry, I decorate every single year extremely beautifully.

KING: No kidding.

STEWART: With wonderful materials. And my heart was not in really decorating. I gave it a good try. We worked very hard and the whole house pitched in, but it wasn't a serious competition for me.

KING: The new issue of "Time" magazine, our old friend Dr. Andrew Weil on the cover, by the way, cites there's a woman who is aging gracefully. They name you and Toni Morrison and Joan Baez and Lauren Bacall and Sandra Day O'Connor as five favorite American women on the far side of 60.

STEWART: Far? I'm only on the near side.

KING: What do you make of them then?

STEWART: I think he made a mistake. He must think I'm hold older than I am.

KING: You are not 60, are you?

STEWART: Yes, I am. Unfortunately. KING: Well, the far side.

STEWART: I'm on the near side.

KING: Was that a compliment to you?

STEWART: Far side of 60, I would think that's 69.

KING: Oh. Was that a compliment to you?

STEWART: That I'm aging gracefully?

KING: Yeah.

STEWART: Well, I certainly hope I'm aging gracefully. I'm certainly working at that. I am taking as initiative for my future and for the future of many, many Americans the program center for living at Mount Sinai Hospital. Alexis and I both have donated a sum of money to the building of the Center for Living. And what it's about is not anti-aging because I don't think you can anti-age, but I do think that you can successfully age.

I think you can do things that will help you age gracefully and well and without pain and without illness and sickness.

KING: Do you think your image, however tarnished it is now, forgotten? Do you think you're back back?

STEWART: Back back?

KING: You know, in other words, are you on the scene again and is that over?

STEWART: I hope that I have re-emerged as a teacher, a purveyor of great information. I hope that people will continue to read all the products that we write, all the books we create, the magazines that we write, that we work so hard on. And they are. I think that it's hard to say I'm back. I said that I would come back and I am back and I am working hard. And we are all working hard to make everything we do as wonderful as possible.

KING: We'll take a break. When we come back, phone calls for Martha Stewart who keeps on keeping on. Don't go away.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: I heard Howie did a really great reading tonight?

UNIDENTIFIED MALE: Yeah.

UNIDENTIFIED MALE: Do it again.

STEWART: I would love to hear you read it because ...

UNIDENTIFIED MALE: I would. STEWART: But I think that's the whole thing about what I said about connecting with your audience.

UNIDENTIFIED MALE: I was psyched. I finally felt like this was my chance to catch Martha's eye, get to know the real Howie.

UNIDENTIFIED MALE: I think I could possibly be falling in love with Martha Stewart. But let's keep that low.

STEWART: I don't know yet. I don't know Howie that well.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

KING: That's the opening to the "Martha Stewart Show." And as fun as that opening is, that's how fun the show is. It's a fun show to do. By the way, how is your mother? How's big Martha?

STEWART: Mom is great. She had her 91st birthday and she is thriving. I tried to call her tonight to remind her to watch and I couldn't even find her, so she must be out on the town.

KING: Honolulu, Hawaii, with Martha Stewart. Hello.

CALLER: Hi, Martha. I was just wondering how long it takes for you to work on a cookbook like your current cookbook have you coming out in November, that I'm on the wait list for by the way, and looking forward to it. And if you worked on it maybe while you were in Alderson if you had thoughts about it?

STEWART: Well, this is the book. It's called "Martha Stewart's Baking Handbook," and I and some of my editors worked on this book. Well, I personally have worked on it pretty much since I've been baking. It's a long time, thinking about the recipes that I would put in such a tome.

And it took about -- oh, I think about two-and-a-half years, actually, to finish. So it was a spectacular effort. It was photographed while I was away, and a little bit when I came home. And the pictures are great. There are many, many recipes and wonderful techniques. We made some of the stuff this weekend, and I must say, really delicious.

KING: Did you write in prison?

STEWART: I wrote a lot in prison. I wrote a diary, I kept very close -- careful notes of what was going on and who I met. I wrote a lot of -- I wrote a lot of things that I wanted to think about, especially the outline for the business book, which was published today, the "Martha Rules."

KING: Are you going to publish the diary?

STEWART: The diary goes into my autobiography which will come out some time. I don't know when. I don't think I'm ready for an autobiography yet.

KING: Louisville, Kentucky. Hello.

CALLER: Hi. Thank you for taking my call.

KING: Sure.

CALLER: I love you both. Ms. Stewart I just wanted to let you know that I always thought that you were treated unfairly and maybe used as, you know, an example. And I want to let you know also that I'll try and be quick, that your image has not been tarnished.

STEWART: Thank you.

CALLER: I do want to know what you thought about the Frist investigation. I just thought that this needed to be addressed and it seems to have been put on the back burner because he's a man.

STEWART: I don't like to make comments on gender discrimination. I don't even want to make comments on this other case. I don't know anything really about it. I don't know the involved party. And I'm -- I just don't want to comment on that, if you don't mind.

KING: Atlanta, Georgia. Hello.

CALLER: Hello, Mrs. Stewart.

STEWART: Hi.

CALLER: Hi. I've been interested in buying your stock. And I've been watching it. And, of course, when you were in Alderson would have been the best time to buy it, I think at $8. I noticed this week today it was around $22. When do you suggest would be a good time to buy your stock?

STEWART: I think you should watch and read the announcements that we make and make your own determination. It's hard for me as an insider to really comment on when you should be buying or selling it. Talk to your stock broker, see what he has to say.

KING: Where do you see the company going? What's your projection?

STEWART: Well, we have a very, very bright future, as I said. I think. We have lots of things that are happening. You'll be reading in the near future about new initiatives that we are advancing. I think that Susan Lyne, as I said, is doing a phenomenal job as our new CEO. Our board is working with us and making things happen.

I just think Martha Stewart Living is the leading purveyor of information for the homemaker, both in cooking recipes, decorating ideas, gardening information, all kinds of stuff. And with the two new shows so much more information is coming out of the company. So I think we have a fantastic future, Larry.

KING: How should we use the book "Martha Rules"? First, who's it named for?

STEWART: It's 10 essentials for achieving success as you start or build or manage a business. And I think it is for pretty much anybody who has been involved in business. It may be the book that you want to give to your son and daughter who are contemplating starting a business.

If you know someone who is entrepreneurial in spirit, who thinks he or she has a big idea, something that will fill a void, something that they are passionate about, this would be a good book to give to that person.

It is clear, it is easily read, it is common sense, and it is really about the things I learned as I built this amazing company that I've built. And it's about the people that worked with me and the people that I've met along the way who I consider budding or genuine or mature entrepreneurs.

KING: Isn't it a thin line between a worthwhile risk and a foolish chance?

STEWART: If you look up risk and chance in the dictionary, which I did, they are interchangeable. But if you really think about it, a calculated risk, one that is studied and planned and thought about, is a lot better than a foolish -- taking a chance. And I try to distinguish between risk and chance in that one chapter. And I think that if you read the chapter, you'll understand what I'm talking about.

KING: More calls for Martha Stewart on this edition of LARRY KING LIVE right after this.

(BEGIN VIDEO CLIP)

DONALD TRUMP, HOST, "THE APPRENTICE": Hello?

STEWART: Hi, Donald. This is Martha.

TRUMP: How are you?

STEWART: I'm just great. How are you?

TRUMP: Well, I'm having a great time. And you have a really attractive group of winners.

STEWART: Oh, I hope they're getting enough to eat. I'm worried about them. They're starving to death.

CARRIE, CREATIVE DIRECTOR, PRIMARIUS: To have Donald and Martha on the phone together talking about us was a completely surreal experience. I'll never forget it as long as I live.

UNIDENTIFIED FEMALE: This is unbelievable.

UNIDENTIFIED FEMALE: Oh, my gosh.

TRUMP: Would anybody like to work for me?

(END VIDEO CLIP)

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

STEWART: Hi. How can I help you?

UNIDENTIFIED MALE: You'll never believe who is about to take my order.

UNIDENTIFIED CHILD: Martha.

STEWART: Hi. Check burger. Oh, my door opened.

UNIDENTIFIED FEMALE: No problem.

UNIDENTIFIED FEMALE: Martha, hi.

STEWART: My new summer job, my community service.

UNIDENTIFIED FEMALE: Martha Stewart just waited on us.

UNIDENTIFIED FEMALE: Didn't expect Martha Stewart to be serving me.

STEWART: No french fries?

UNIDENTIFIED FEMALE: Service was great.

STEWART: No milk shake?

UNIDENTIFIED FEMALE: Can I get a picture?

STEWART: Is this to go?

UNIDENTIFIED FEMALE: I think, she did a good job for her first time around.

STEWART: Thank you very much. Regular lemonade.

UNIDENTIFIED FEMALE: I think I like you better on the grill.

(END VIDEO CLIP)

KING: What was that all about?

STEWART: Well, that's the shake shack in New York in Madison Square Park. And I did that as a segment for my show. I loved Danny Meyer from Union Square Cafe. And he started the Shake Shack where they serve hot dogs and hamburgers and all my favorite things. And so I worked there for a morning. It was hard work, hard work.

KING: Of all the things -- before we take our next call, of all the things you do, is there a thing you like to do best? STEWART: Yes, yes. I like to cook and I like to garden. And I like to entertain. And I like to...

KING: You like that better than business?

STEWART: Well, that's all business for me.

KING: Los Angeles, hello.

CALLER: Yes, I was just wondering what Martha thought of those two TV movies with Cybill Shepherd about her?

STEWART: Oh, I frankly did not watch them. I just couldn't...

KING: Really?

STEWART: No, I couldn't bear it.

KING: A movie done about you with someone playing you and you don't watch.

STEWART: No. Who can play me better than me, Lar?

KING: I know, but just out of curiosity, you'd flick it on for a minute.

STEWART: I don't think it was very flattering.

KING: It wasn't? I didn't see it. Hello, Georgia, hello.

CALLER: Yes, Larry, great show. Martha, who are your heroes and heroines and how would you like to be remembered?

STEWART: Well, my heroes and heroines are all those people that we really focus on our show, the artisans, the growers, the farmers, the crafts people. The people who do the work that we appreciate.

And I like to spend my time with them. I like to learn from them, the chefs. I spent a lot of time watching how people do things so that I can learn how to do things, so that I can then teach how to do things. Those are my heroes.

KING: And how would you like to be remembered?

STEWART: As a great teacher or a good teacher. I would -- I think that is really what we do. And I would like to be known as sort of the founder of a university of information that deals with homemaking. That's what we really consider ourselves, a really well researched university.

KING: Are you impressed with what Habitat for Humanity does?

STEWART: I have actually built one of those projects with Rosie O'Donnell a couple years ago. We worked on one of her houses. And they are doing a good job, yes. And I think that it's just an amazing thing that there are so many opportunities now to build homes for people who are now really homeless.

KING: Lowell, Massachusetts, hello.

CALLER: Good evening Martha and Larry. I enjoy you both very much.

KING: Thank you.

CALLER: And my question, Martha, is do you date? Do you want to date? And do you have any plans of marrying again?

STEWART: Yes, yes, and I don't know.

KING: All right, back to the first. Do you date one person only or many?

STEWART: Oh, Larry.

KING: No, I'm not -- do you date many? People are interested in your life. You're an interesting person, they are interested in your life.

STEWART: Yes.

KING: Many?

STEWART: I'm not saying. I don't want to talk about my -- that, you know what, that's sort of one personal thing that we don't have to talk about. Cybill Shepherd will then just be acting my life out again.

KING: Do you get angry at the writers who always pick on you?

STEWART: Get angry at them?

KING: Yes.

STEWART: I think, the best thing for me to do is ignore a lot of that. And read the really good stuff that's been written.

KING: To Calgary, Alberta, Canada. Hello.

CALLER: Hello, Larry.

KING: Hi.

CALLER: I love your show.

KING: Thank you.

CALLER: And I just wanted -- hello?

KING: Go ahead.

STEWART: We're here.

CALLER: I love your show, Larry. And I want to say to Martha, welcome back.

STEWART: Thank you so much.

CALLER: You have the best show on TV right now.

STEWART: Thank you.

CALLER: And I would like to say to you --

STEWART: Better than Larry's? Not better than Larry's.

CALLER: Well, no, not that.

STEWART: It's different.

CALLER: The two of you are just -- yes, right. Anyway, I just wanted to ask what topics, new topics, are coming up on your new show that I could be looking forward to?

KING: Yes, who is coming up in the daytime?

STEWART: Well, we have best bakers of America in conjunction with the publication of the baking book. I want to find the best bakers here in this country and in Canada.

And we have, we have lots of wonderful things coming up. I can't even remember all the things. We are working so hard to bring you both interesting and enjoyable segments. Again, involving all aspects of homemaking.

KING: We'll be right back with more of Martha Stewart. Her book "The Martha Rules," number one today on the automatic buying service. I lost my title of the name of it, Amazon.

STEWART: Amazon.

KING: How could forget I that? Her first major cookbook will be out in November. Her first one since '99 called "Martha Stewart's Baking Handbook." And of course we have the television show The Apprentice, the daily show Martha and her new DVD Martha's Classic Holiday, compilation CDs of music.

There's nothing left for Martha to do. Martha's got everything. We'll be right back. Don't go away.

(BEGIN VIDEO CLIP)

STEWART: OK, so ready to rap?

SEAN 'DIDDY' COMBS: Let's go man.

STEWART: OK, OK.

STEWART AND COMBS (rapping): What you want to do? You want to be ballers, shot callers.

COMBS: It's more like this. Move your shoulders, now your knees go. Yes.

(LAUGHTER)

COMBS: I like it. I like it. I like it, girl. I like it, I like it. Give a round of applause.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

STEWART: Fine job. OK. Then chill this. Oh, here's the skewer. Look, Larry.

KING: A skewer, and now I have it. For those of you just tuning in, this is a helpful hint. How to do a cake. How not to do a cake.

(END VIDEO CLIP)

KING: That's how much fun you have on that show. I am not a cake maker. Next call for Martha Stewart. Columbus, Ohio. Hello.

CALLER: Hi.

KING: Hi.

CALLER: My name is Joseph Stachek (ph), and, Martha, I think you're great. I'm Polish also.

STEWART: Thanks.

CALLER: My question is -- and I've talked with many friends. We're not as thrilled with your new show as we were with "Martha Stewart Living" because the other one was so informative. Are you planning on changing your format?

STEWART: Oh, well, watch Halloween week, we have so much great stuff coming up about Halloween. All our Thanksgiving ideas will be on the show. Christmas will be pretty much the month of December, so much stuff involving December. You know, with a live audience, it's more spontaneous. And we are very thankful for remarks like yours. Thank you.

KING: Philadelphia, hello.

CALLER: Hello?

KING: Hi.

CALLER: Hi. I'm Angela Metosa (ph). I think that Martha the great in all she does including you, Larry.

KING: Thank you.

CALLER: Martha, who inspired you to be such a great woman? STEWART: Well, I had great parents, a really fine mother and a fine father, both teachers, who gave us great educations. And grew up in a big family -- five brothers and sisters, and we learned a lot at home. And I think we learned how to be resourceful.

KING: You keep mentioning teaching a lot, more than you used to. That's what you primarily consider yourself?

STEWART: Yes, well, I always did consider myself a teacher. I remember being asked by my third grade teacher what would I like to be? And I thought I'd like to be you. I'd like to be a teacher. And I think that that's really what I'm emerging as, more a teacher and someone who inspires others to be creative and to learn and to produce. So -- but I, you know, you can also be a good businessperson and still be a teacher.

KING: Holland, Michigan. Hello.

CALLER: Hi, Larry.

KING: Hi.

CALLER: Hi, Martha.

STEWART: Hi.

CALLER: Martha, I adore you. I met you in Grand Rapids, Michigan, a few years back. I plan on purchasing your new book. I would like to know if 58 is too old to get into -- I know I can do things, arrange things, pull things together. I wonder if I'm too old to get into it. I have a lot of ambition. I beat breast cancer, and I want to do a new venture.

STEWART: Well, congratulations on the cancer survival. It's very important to feel good about yourself. It's very good to look to the future, and I don't think you're ever too old to be successful in something that you try. Good luck.

KING: We'll be back with more moments with Martha Stewart. The book "The Martha Rules" and other projects. Don't go away.

(BEGIN VIDEO CLIP)

STEWART: Your next task involves having a vision. Each team will be given an empty two bedroom suite at the Westin Hotel in Times Square. You're going to take your vision and turn that suite into something extraordinary, a lifestyle suite could be devoted to exercise. It can be devoted to love, but you have to have a vision. The team that loses is going to see me back in the conference room, and one of you is going to be sent home.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

KING: We're back. Let's take another call for Martha. Boston, hello.

CALLER: Hi.

KING: Hi.

CALLER: Martha, I am an architect, and I love what you do.

STEWART: Thank you.

CALLER: I think it's pretty wonderful. I'm curious about the house that you purchased, a modernist house from a modern.

STEWART: The Bunchshaft (ph) house.

CALLER: Pardon?

STEWART: The Bunchshaft house, out in Long Island.

CALLER: Yes, and then you hired a wonderful architect to renovate it for you.

STEWART: I did.

CALLER: And now I'm told that it is going to be torn down.

STEWART: Well, I bought the house years ago, hired John Paulson (ph) to renovate and restore it, then got into a legal squabble with a neighbor, and lost interest in the project. I really didn't want to live there.

And I gave the house to my daughter, who sold it recently. And the people who bought it knocked it down. So I'm as sad as you are. It was a really wonderful, wonderful house. A simple house, but a piece of modernist architecture.

KING: Collierville, Tennessee. Hello.

CALLER: Hello.

KING: Hi.

CALLER: Hi. Martha, I just wanted to let you know that I'm so glad that you're back.

STEWART: Thank you.

CALLER: I wrote you every week when you were in prison.

STEWART: Thank you.

CALLER: Every week I sent you a card, but how can I get on "The Apprentice"?

STEWART: Oh, well ...

KING: Yes, how do you get on? STEWART: You must apply via the Internet. There's -- you look up "The Apprentice." I don't know if they're taking any applications now for the next one. But then you send in your application and we determine whether you are fit to be a candidate.

KING: How much mail did you get in prison?

STEWART: Oh, hundreds of thousands of letters. Wonderful letters for the most part. It was really great.

KING: What was the lowest part?

STEWART: In prison?

KING: Yes.

STEWART: The lowest part?

KING: Lack of freedom, right? I guess.

STEWART: Totally. Not being able to leave the property.

KING: Could you call people during the day?

STEWART: I had 300 minutes a month of telephone time. When I complained that that's what I use in a day, they said I'd have to make an adjustment.

KING: You had to make all calls out collect?

STEWART: No, I -- you know, you have to pay for your calls. You could call collect but you had to pay for your calls, either way.

KING: But I mean, did you like have a credit card, a commissary, could people send you stuff?

STEWART: No, you apply a certain amount of your money that you have in an account towards the phone bill.

KING: Martha, it's great seeing you back, great seeing you look so good.

STEWART: Thank you.

KING: And it was wonderful being with you on your show, and great having you return the favor here.

STEWART: I love being on your show, as you know. And please, visit us again and I'll give you another lesson in cake decorating.

KING: Good luck. Thank you, Martha.

Martha Stewart, her book is "The Martha Rules: 10 Essentials For Achieving Success As You Start, Build, or Manage a Business." The two television shows are "The Apprentice" and the daytime show "Martha." There's Martha's DVD for Warner, "Martha's Classic Holidays," and her first major cookbook since 1999, "Martha Stewart's Baking Handbook," which comes out in November.

We'll have a special pre-taped show for you tomorrow night as it is Yom Kippur Eve, and then we'll be back live on Thursday night. Meanwhile, it's time to turn it over to our pals in New York. There they are, Aaron Brown and Anderson Cooper. We'll determine who gets it. Aaron, you.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com

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