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Martha Stewart Living Omnimedia Buys Emeril Lagasse

February 20, 2008 | By More

emeril_martha.jpgMartha Stewart Living Omnimedia announced Tuesday that it bought the rights to the Emeril Lagasse franchise of cookbooks, television shows and kitchen products for $45 million in cash and $5 million in stock at closing. The final price could rise to up to $70 million if certain benchmarks are achieved.

Stewart did not acquire Emeril’s Homebase, which includes Lagasse’s 11 restaurants and corporate office.

Lagasse will remain the host of the Food Network’s “Essence of Emeril,” but the network canceled production of “Emeril Live” late last year, though it continues to air new episodes in 2008.

Martha Stewart Living said the deal will “contribute immediately to our performance,” adding $8 million in earnings before interest, taxes, depreciation and amortization. The acquired assets generated $14 million in revenue in 2007. Martha Stewart Living expects the deal to close in the second quarter.

[Yahoo News]

Category: Food

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