Martha Stewart is planning a prime time reality TV show along the lines of "The Apprentice" and "Survivor," The Hollywood Reporter said Tuesday.

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Citing sources, the paper said Stewart -- who is serving a five-month prison term for obstruction of justice by lying about a stock deal -- is close to sealing a deal with NBC for the prime time show, through her company, Martha Stewart Living Omnimedia.

The company recently signed former ABC Entertainment head Susan Lyne as its new CEO. In September, the company announced that Mark Burnett -- the producer of both "The Apprentice" and "Survivor" -- would produce a prime time show with Stewart when she gets out of federal prison in West Virginia.

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The company also said Burnett would consult with it on other TV matters, including the future of the "Martha Stewart Living" syndicated show.

Sources told The Reporter the prime time show would feature elimination-style competition.

The deal gives Burnett the opportunity to purchase up to 2.5 million shares of Martha Stewart Living Omnimedia Class-A Common Stock.