Bam! Martha buys Emeril's rights for $50M (1 Viewer)

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Martha did not, however, acquire Emeril's Homebase, which includes Lagasse's 11 restaurants and corporate office.

CNN
Bam! Martha buys Emeril's rights for $50M
January 19, 2008


NEW YORK (AP) -- Martha Stewart Living Omnimedia Inc. is bringing in a new celebrity: popular TV chef Emeril Lagasse.

The New York-based media and merchandising company founded by domesticity maven Martha Stewart 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.

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.

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http://www.cnn.com/2008/SHOWBIZ/TV/02/19/emeril.martha.ap/index.html
 

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