Martha Stewart Buys Rights to Emeril

Variety is reporting that Martha Stewart Living Omnimedia Inc. is bringing popular television chef Emeril Lagasse into the fold.  The company has acquired 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.  WOW!!!  MSLO did not take over Emeril’s Homebase, which includes Lagasse’s 11 restaurants and corporate office.

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.

Wow!  This is a big deal!  I hope it is good for both of them!