Martha Stewart Living Omnimedia Inc. buys Emeril assets for $50M

New Orleans CityBusiness, Feb 25, 2008 by Reports

In a $50-million deal, Martha Stewart Living Omnimedia Inc. bought Chef Emeril Lagasse's franchise, including television shows, cookbooks, food and kitchen products, and Web site. Lagasse retains his 11 restaurants, including NOLA, Emeril's and Delmonico's in New Orleans, and his foundation.

The purchase involves $45 million in cash and $5 million in stock. It could reach up to $70 million if certain performance targets are realized in 2011 and 2012.

The transaction is expected to close in the second quarter.

Stewart met Lagasse more than 20 years ago before he opened his first restaurant.

"I have been an admirer ever since," Stewart said. "I'm delighted that he is joining the MSLO family and look forward to the contributions he will bring to both the company and consumers alike."