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Martha Cooks With Emeril

2/22/2008 07:00:00 PM Eastern

Martha Stewart Living Omnimedia (MSLO) has acquired the media and most other 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 gets the rights to all of Emeril's television programming, including The Essence of Emeril and Emeril Live, shown on the Food Network, as well as his segments as a food correspondent for Good Morning America.

Lagasse signed a 10-year employment deal, MSLO told analysts last week. Lagasse retains full ownership of his restaurants.

MSLO also acquires Emeril's library of 12 cookbooks; his Web sites, including Emerils.com; his licensed kitchen products, including his All-Clad cookware; and food products, such as barbecue sauce and “essence” seasoning.

The purchase price is $50 million, comprised of $45 million in cash and $5 million in stock.

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