The deal includes Lagasse’s television programs, his library of a dozen cookbooks, the Internet site emerils.com, and kitchen and food products. Lagasse’s eleven restaurants and corporate office, called Emeril’s Homebase were not part of the transaction.

Martha Stewart Living is hoping to leverage its skill of creating celebrity brands to grow Lagasse’s businesses, which will run as its own unit within Martha Stewart Living the Wall Street Journal reported.

The company said the deal will "contribute immediately to our performance," bringing in $8 million in earnings before interest, taxes, depreciation and amortization. In 2007 Lagasse’s properties being acquired  generated $14 million in revenue.

The deal could be worth as much as $70 million if certain performance goals are met in 2011 and 2012. Martha Stewart Living said the deal is expected to close in the second quarter.