Thursday, February 13, 2014

 

Paula Deen cooks up $75M comeback deal

Less than a year after past use of racial slurs destroyed Paula Deen's image, Najafi Companies is investing at least $75 million to help her make a comeback.




Paula Deen Lawsuit: Celebrity chef Paula Deen poses for a portrait in New York.
Celebrity chef Paula Deen poses for a portrait in New York.


SAVANNAH, Ga. — Paula Deen has found a key ingredient to bringing some sizzle back to her career — a cash infusion worth at least $75 million from a private investment firm.

The Savannah-based celebrity cook announced Wednesday that she's launched an umbrella company that will oversee her restaurants, cookbooks, product endorsements and other remaining slices of her media empire. The new company, called Paula Deen Ventures, said private-equity firm Najafi Companies is investing $75 million to $100 million to help Deen make a comeback.

Deen's fortunes took a dive last year after comments she made under oath during proceedings in a lawsuit, namely that she had used racial slurs in the past, became public. The Food Network dropped Deen, as did pork producer Smithfield Foods, book publisher Ballantine and several other companies that paid her to endorse their products.


In a statement, Deen praised the partnership with Phoenix-based Najafi and the decision to name Steven Nanula, who has already worked with Deen for the past two years, to serve as CEO of Paula Deen Ventures.

"I know this is the right decision to lead my team, as we continue to share quality products with my fans — whose love and support have built my brands," Deen said.

Jahm Najafi, CEO of the Najafi Companies, said his firm has great respect for Deen's past success and is confident its investment will pay off. Others brands to benefit from Najafi's investments include the Phoenix Suns pro basketball team, the Book of the Month Club and SkyMall, the direct marketing business aimed at travelers.

"We know that the enterprise will be successful and valuable, as Paula and her team continue to bring quality products and experiences to her loyal fan base," Najafi said in a statement.


A publicist for Deen told The Associated Press she was not available for an interview.

Deen's image took a crushing blow last summer when a transcript of a legal deposition Deen gave to attorneys in a discrimination lawsuit filed by a former employee was made public. Deen was asked under oath if she had ever used the N-word. "Yes, of course," Deen replied, though she added: "It's been a very long time."

The lawsuit was settled out of court in August. Terms were never disclosed.

Tags : ,

Share

Social

The idea behind the text.
Respect for the truth is almost the basis of all morality.
Nothing can come from nothing.



Follow

Popular Topics

Read

Well, the way they make shows is, they make one show. That show's called a pilot. Then they show that show to the people who make shows, and on the strength of that one show they decide if they're going to make more shows.

Like you, I used to think the world was this great place where everybody lived by the same standards I did, then some kid with a nail showed me I was living in his world, a world where chaos rules not order, a world where righteousness is not rewarded. That's Cesar's world, and if you're not willing to play by his rules, then you're gonna have to pay the price.

You think water moves fast? You should see ice. It moves like it has a mind. Like it knows it killed the world once and got a taste for murder. After the avalanche, it took us a week to climb out. Now, I don't know exactly when we turned on each other, but I know that seven of us survived the slide... and only five made it out. Now we took an oath, that I'm breaking now. We said we'd say it was the snow that killed the other two, but it wasn't. Nature is lethal but it doesn't hold a candle to man.

You see? It's curious. Ted did figure it out - time travel. And when we get back, we gonna tell everyone. How it's possible, how it's done, what the dangers are. But then why fifty years in the future when the spacecraft encounters a black hole does the computer call it an 'unknown entry event'? Why don't they know? If they don't know, that means we never told anyone. And if we never told anyone it means we never made it back. Hence we die down here. Just as a matter of deductive logic.