TVSquad

How's this for a winning recipe? Domestic diva Martha Stewart has snagged superchef Emeril Lagasse for her empire. Martha Stewart Living Omnimedia Inc. announced today the acquisition of Emeril's franchise -- all those cookbooks, kitchen products and TV shows in which he stars -- for $45 million in cash and $5 million in stock at closing. That $50 million could swell by $20 million more if "if certain benchmarkets are achieved."

Martha's purchase, however, does not include Emeril's Homebase, which includes the chef's 11 stellar restaurants, including Emeril's New Orleans and Delmonico's Steakhouse in Las Vegas.

Financially, Martha Stewart Living asserts that "the deal will contribute immediately to our performance." That adds up to $8 million in earnings before interest, taxes, depreciation and amortization. Emeril's joined the Food Network in 1993 and for most of his tenure, was considered the premiere star of the cable outlet. However, recently Food Network pulled the plug on Emeril Live, his live, late-night cooking show with music and audience interaction. The Essence of Emeril is reportedly still on the roster, but the possibility now exists that Emeril's TV presence could pop up on Fine Living, where The Martha Stewart Show has a major presence in their primetime schedule. Fine Living and Food Network are sister networks in the Scripps Howard family.