Two of the most prominent celebrity brands will now be united, as Martha Stewart Living Omnimedia has acquired the rights to Emeril Lagasse's media empire. His restaurants will not be included in the deal, but his TV shows, cookbooks, web sites, and products will all be part of the Martha Stewart operation going forward.

The purchase price is $50 million, $45 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. MSLO estimates revenues at $14 million with projected EBITDA of $8 million in the first year post-transaction. (release)

Martha: "I first met Emeril more than 20 years ago, before he had opened his first restaurant. I have been an admirer ever since. His remarkable talents in the kitchen and his high-energy exuberance delight and inform. He made television cooking programs mainstream, opening the category to new audiences and proving that cooking is something everyone can enjoy. I'm delighted that he is joining the MSLO family and look forward to the contributions he will bring to both the company and consumers alike."

Emeril: "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. Her company is a place where creativity is valued and consumers are always top-of-mind. I look forward to joining with Martha and her talented management team to grow the Emeril brand."