facebook
twitter
rss
account
search
search
 

Stewart's company acquires Emeril assets

Feb. 19, 2008 at 6:11 PM   |   Comments

NEW YORK, Feb. 19 (UPI) -- Martha Stewart's New York-based company announced Tuesday it has reached an agreement with chef Emeril Lagasse to acquire the rights to several of his assets.

he purchase price is $50 million -- $45 million in cash and $5 million in stock at closing -- and could reach up to $70 million if certain performance targets are realized in 2011 and 2012.

The transaction is expected to close in the second quarter, said Martha Stewart Living Omnimedia, Inc.

Under the terms of the deal, MSLO is acquiring the rights to the Emeril Lagasse franchise, including many of his television shows; a library of 12 cookbooks; the emerils.com Web site; and Emeril-branded cookware, cutlery, tableware, electrical appliances and food products.

Lagasse's 11 restaurants and corporate office will be unaffected by the deal, MSLO said.

"We have been able to create a successful and diverse business under the Emeril brand, and with this new venture we can take it to the next level. By affiliating with a larger company with means, infrastructure and reach, we know we can maximize its great potential. Martha Stewart has brought incredible vision to the lifestyle business," Lagasse said in a statement.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Matt Damon set to reprise "Jason Bourne" role Matt Damon set to reprise "Jason Bourne" role
2
Lindsay Lohan implies she handled Whitney Houston's body bag Lindsay Lohan implies she handled Whitney Houston's body bag
3
Robin Thicke's attorney issues statement about his client's leaked deposition video Robin Thicke's attorney issues statement about his client's leaked deposition video
4
Naya Rivera slammed in new song by ex-fiancé Big Sean Naya Rivera slammed in new song by ex-fiancé Big Sean
5
Kanye West harassed 2 disabled concertgoers Kanye West harassed 2 disabled concertgoers
Trending News
Video
x
Feedback