Last month, I reported that Martha Stewart Living Omnimedia (NYSE: MSO) was actively seeking an acquisition to diversify beyond its core Martha Stewart sort.

Now the company has found what it hopes is it’s lost piece, and is set to acquire superstar chef Emeril Lagasse’s media and licensing empire for $45 million in cash and $5 million in stock, according to the Wall Street Journal.

The purchase price will include the rights to Emeril’s television programs, syndicated episodes of the “Emeril Live” show on the Food Network, cookbooks and Emeril’s websites, and licensing deals from All-Clad cookware, Wüsthof cutlery,

Wedgwood tableware and T-fal appliances. The acquisition additionally includes Emeril-branded spices, marinades, coffee, Bam! B-Q sauce and other food products, according to the Journal. Emeril’s restaurants and corporate office are not part of the deal.

It seems likely that the market will react positively to that development, but I wouldn’t be buying here. Martha Stewart Living Omnimedia hasn’t been able to construct much money from the Martha Stewart type and adding another grade to a failing company hardly seems like a recipe for success.

Original post by Zac Bissonnette

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