Martha takes on Emeril
New York, February 19, 2008 The final price could rise to up to $70 million if certain
benchmarks are achieved.
The company did not acquire 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.
Martha Stewart Living expects the deal to close in the second
quarter.
Lagasse joined the Food Network in 1993 and has hosted over
1,600 shows. His programs "The Essence of Emeril" and "Emeril
Live" reach more than 85 million homes daily.
