Martha Buys Emeril For $50M

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 Martha Stewart announced Tuesday that it bought the rights to Lagasse's franchise of cookbooks, television shows and kitchen products from him for $45 million in cash and $5 million in stock.

The final price could rise to up to $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," but the food network channel ceased production of "Emeril Live" late last year, though it continues to air new episodes in 2008.

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. All of the Emeril's shows will remain on the network, and we also look forward to working with him on future projects."

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.

Martha Stewart Living expects the deal to close in the second quarter.

Comments

[eyecon]

For the record (as an avocational chef), Emeril makes me want to reach for the barf bag. Warm and fuzzy but absolutely talentless.

[thebeerdoctor]

I find it totally incomprehensible that anyone could hate Emeril Laggase.

[tumblewind]

I occasionally watch 'The essence of Emeril' I don't mind it. But I can't stand 'Emeril Live'! The infantile nonsense he goes through is an insult to most adults! I want to scream at him 'Grow up!'!

[leftLibertarian]

Martha can buy me for 1/50th of that. And I can cook just as well!

[amanda85]

Lagasse is a complete fraud. Want to see how real Italian cuisine is done? Watch Giada or Mario Batali.

[rcampbell]

This post confuses me. First of all, Emeril isn't Italian, he's Portugese.

Secondly, though he occasionally makes an Italian or Italian-inspired dish, it's never been the backbone of his cooking style. He's far more noted for his New Orleans and Creole style recipes along with "kicked-up" American dishes. One might as well criticize him as not being an authentic Chinese or Indian or vegetarian chef.

Thirdly, and most importantly, he's entertaining and a genuinely nice guy. He has contributed enormously to millions of people (men and women) all over the country getting more comfortable with actually cooking a meal rather than getting take-out or micro-waving yet another processed food dinner.

[nikto]

Hell, if Martha wanted to buy ME, she can have mefor a lot less than $50 Million.

Say, 20 Million.

And that includes back rubs.

[maxfusion]

Based on her, uh, well, ability to cast a significant shadow, she better buy as many food companies as possible.

[Graywolf48]

How much does that come out to a pound?

[Mandelay]

Glad to see the Food Network making nice. They dropped Martha when she had her day in court/jail and dropped Emeril without the respect he deserved for putting them on the map. Now Martha's company can collect part of the profits and have her company's name attached to Emeril's shows on the Food Network. What goes around comes around, Food Network! BAM!!!!!!

[RGKahn]

I hate to break this to you, but Emeril and Mario will no longer be on the Food Network after this Spring Schedule. Their contracts were not renewed. Food Network will continue to show reruns of them from now on. Martha Stewart will have Emeril. I do not know the future of Mario though.

As for the line that Martha "bought" Emeril, that is so stupid. She has to contract with the New Orleans Chef to use his name his image and his future programs to make money for her publishing and media company. His restaurant empire and his corporation are not part of the deal. They remain in his control.

[AnneZ]

FoodNetwork asked all their stars to share their proceeds from their mercgandise with the network. Those who refused, ie Emeril, had their contracts terminated.

[jomira]

Therefore, Food Network is dropping Emeril. That's insentitive. It was Emeril that made Food Network a household name. Emeril Live revolutionized cooking shows.

[widollar]

Martha Buys Emeril For $50M! This is a win wim situation for both of them. They will both benefit from this business relationship! They can "kick it up a notch" together!

[plages]

This has to be just to delicious for US!

[mtredstar7]

So many strange comments about Emeril. All I know is that he is entertaining and a very good chef. What is it that he is doing wrong that prompts some of these ridiculous comments about how lousy he is?

Martha ain't no fool and knows a good thing when she sees it. Ever buy Emeril's horse radish mustard in your local supermarket? Try it ... you'll like it. It's a good thing.

[grailknight]

Emeril Live is no longer entertaining. He uses the same pat lines year in and year out. He seems pretty bored and his preparation and presentation has gotten very sloppy.

[CapitalistTool]

Imagine the outcry if the headline was somehow reversed and it read [white guy] buys [white woman] for $$$. The Naomi Wolfe crowd would be outraged.
Nice double standard.

[mommadona]

Wow - that's a pretty cheap deal.

*BAM!

[Izadora]

Who cares? Emeril is pain to watch because

he tries to be a comedian but he is not

His food is mediocre and his getting too FAT.

Rather to watch Martha's 5 ladies at Everyday

Food. F A N T A S T I C!

which is f a n t a s t i c!

[realist333]

What are you talking about? Emeril is fun to watch!
His show is about cuisine, not comedy. He throws in some kitchen humor from time to time and has fun with his guests, but everybody does that.
Management at Martha Stewart Multimedia is far too smart to meddle with Emeril as a media franchise. They'll bring Emeril before an even wider audience and he'll bring them bigger profits.
A good move for both parties!