Martha Stewart Omnimedia Inc. has bought the rights the Emeril Lagasse franchise of cookbooks, television shows, and kitchen products for $45million in cash and $5million in stocks, but the final price could climb up to $70million if certain benchmarks are achieved.
Via CNN:
The company did not acquire Emeril’s Homebase, which includes Lagasse’s 11 restaurants and corporate office.
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.
Lagasse joined the Food Network in 1993 and has hosted over 1,600 shows. His programs “The Essence of Emeril” and “Emeril Live” reach more than 85 million homes daily.