Bam! Martha Stewart Living Omnimedia Acquires Emeril Lagasse’s Business
Deal Could Be Worth as Much as $70M
By Alex Weprin -- Broadcasting & Cable, 2/19/2008 6:59:00 PM
Martha Stewart Living Omnimedia acquired the business assets of celebrity chef Emeril Lagasse in a deal that could be worth as much as $70 million.
Under the terms of the deal, MSLO acquires the rights to all of Emeril’s television programming, including The Essence of Emeril and Emeril Live, as well as his segments as a food correspondent for Good Morning America.
Lagasse signed a 10-year deal with the company, executives told analysts Tuesday.
MSLO also acquires Emeril’s library of 12 cookbooks; his Web sites, including Emeril’s.com; his licensed kitchen products, including his all-clad cookware; and food products, such as BBQ sauce and “essence” seasoning.
"Emeril brings talent, energy and legions of fans to the Martha Stewart family, along with a powerful brand and an attractive, profitable business franchise," MSLO president and CEO Susan Lyne said in a statement. "Emeril's high-quality food-related content and product lines complement our own and offer multiplatform expansion opportunities. He brings to the MSLO fold a well-managed company with highly attractive EBITDA [earnings before interest, taxes, debt and amortization] and cash-flow levels that will contribute immediately to our performance. This acquisition is a significant one strategically as we expand and diversify our business by applying our expertise in managing multiplatform lifestyle brands."
The purchase price is $50 million, comprised of $45 million in cash and $5 million in stock. Performance targets set for 2011 and 2012 could push the value of the deal up to $70 million if they are met.
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Being someone who has been on steroids for 30 yearsl, I agree whole heartedly that Emeril looks like he is on steroids. I do hope that he is not suffering from something devasting. Also I wish he would tell us since we love him so much
Toni Merlo - 2/24/2008 3:01:00 PM EST -
What does this acquisition do for Emeril Live now that it's been axed by the Food Network? Will the show be revived at Fine Living Network during one of the Martha Stewart shows?
Jeannie - 2/22/2008 12:20:00 PM EST -
Emeril has been looking quite unwell in recent months on the Emeril Live episodes -- looks like he has a steroid moonface. And with this sale, I wonder if he isn't preparing himself for something.
Janet - 2/19/2008 10:25:00 AM EST
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