Martha
Written on February 21, 2008
Martha Stewart Living Omnimedia Inc. bought the rights to the Emeril Lagasse franchise of cookbooks, television shows and kitchen products for up to $70 million.
The media and merchandising company founded by Martha Stewart said Tuesday it agreed to pay $45 million in cash and $5 million in stock at closing. The final price could rise if certain metrics are reached.
The company did not acquire Emeril’s Homebase, which includes Lagasse’s 11 restaurants and corporate office.
Martha Stewart Living (MSO) said the deal will "contribute immediately to our performance," adding $8 million in earnings before interest, taxes, depreciation and amortization 500 fast cash. The acquired assets generated $14 million in revenue in 2007.
Martha Stewart Living expects the deal to close in the second quarter.
Filed in: money.