NEW YORK — 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 Stewart announced Tuesday that it bought the rights to the 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 as much as $70 million if certain benchmarks are achieved.
Martha Stewart did not acquire Emeril’s Homebase, which includes Lagasse’s 11 restaurants and corporate office.
Lagasse remains the host of the Food Network’s “Essence of Emeril.”
In a statement released Tuesday, the Food Network said, “We are happy to see that these two great brands will be combining forces and wish both of them the best.”
The Associated Press
