WSJ: Paula Deen Ventures Gets Private-Equity Investment
The Wall Street Journal reported that a recently formed company, Paula Deen Ventures, said it received an investment of between $75 million and $100 million from Najafi Cos., a private-equity company led by Jahm Najafi, who owns BMG Music Service and the Book-of-the-Month Club.
According to the Journal , Najafi Cos. said the cash infusion will be used to help Deen establish new deals and move away from a pure licensing model, in which she sells her likeness and expertise to others so she can take more ownership in partnerships with retailers and other companies.
Deen was kicked off the Food Network last year in the wake of controversy over her past use of racial slurs. In addition, Smithfield Foods dropped her, Wal-Mart Stores and Target stopped selling her products, and Ballantine Books cancelled the publication of “Paula Deen’s New Testament: 250 Recipes, All Lightened Up,” the Journal said further.
To read the entire Wall Street Journal article, click here.