As I've mentioned in the past, there seems to be a lot of interesting things going down at the Food Network. Recently, Emeril Live was canceled, but his reps assured us that he wasn't leaving the network. Well, looks like someone had the wrong information or tried to keep things under wraps because this morning Martha Stewart Living Omnimedia announced that they bought the rights to the Emeril franchise. Their deal — currently at $50 million, but could potentially be valued at $70 million — will include Emeril's cookbooks, tv shows, food products, kitchen products, and cookware. The deal is not including his eleven restaurants.

Everything is expected to go through later this year. Susan Lyne, president and CEO of MSLO, said:

Emeril brings talent, energy, and legions of fans to the Martha Stewart family, along with a powerful brand and an attractive, profitable business franchise.

I was really hoping she'd just say, "BAM!" instead.

So what do you think of this move? Do you think it's smart for them to take on Emeril?