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Martha Kicks It Up a Notch with Emeril
Martha Stewart is getting a little Bam! for her bucks.
The homemaking maven's empire, Martha Stewart Living Omnimedia, announced Tuesday that it has acquired the rights to the Emeril Lagasse franchise of cookbooks, television shows and kitchen products.
Lagasse's 11 restaurants and his corporate office, known as Emeril's Homebase, were not included in the deal.
The transaction was priced at $50 million—$45 million in cash and $5 million in stock options at closing—but the final price could swell to $70 million if the brand performs as hoped.
Martha Stewart Living said it anticipated closing the deal within the next few months.
"I first met Emeril more than 20 years ago, before he had opened his first restaurant. I have been an admirer ever since," Stewart said in a statement. "His remarkable talents in the kitchen and his high-energy exuberance delight and inform. He made television cooking programs mainstream, opening the category to new audiences and proving that cooking is something everyone can enjoy."
Lagasse had similarly complimentary things to say about his new business partner.
"Martha Stewart has brought incredible vision to the lifestyle business. Her company is a place where creativity is valued and consumers are always top-of-mind," he said. "I look forward to joining with Martha and her talented management team to grow the Emeril brand."
The TV chef currently hosts Essence of Emeril for the Food Network. His other show, Emeril Live, was canceled earlier this year.
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