Valdosta Daily Times

Top News

February 13, 2014

Paula Deen cooks up $75M comeback deal

SAVANNAH — 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.

1
Text Only
Top News
  • blood drive.jpg Give Blood

    Give Blood

    August 1, 2014 1 Photo

  • Man arrested in Valdosta drug raid

    Man arrested in Valdosta drug raid

    August 1, 2014

  • Taiwan Gas Explosions_Stew.jpg Gas explosions in Taiwan

    At least 24 people were killed and 271 others injured when several underground gas explosions ripped through Taiwan’s second-largest city overnight, hurling concrete through the air and blasting long trenches in the streets, authorities said Friday.

    August 1, 2014 1 Photo

  • Immigration Overload_Roge.jpg Immigration courts speed up children’s cases

    Immigration courts are speeding up hearings for the tens of thousands of Central American children caught on the U.S. border after criticism that the backlogged system is letting immigrants stay in the country for years while waiting for their cases to be heard.

    August 1, 2014 1 Photo

  • Extra jurors seated for long Ga. salmonella trial

    After three days of jury selection, a panel with plenty of extra members was seated Thursday to hear the case of three people charged in connection with a deadly salmonella outbreak traced to a southwest Georgia peanut plant five years ago.

    August 1, 2014

  • Liberia West Africa E_Roge.jpg Ebola outbreak tops 700 deaths

    The death toll from the worst recorded Ebola outbreak in history surpassed 700 in West Africa as security forces went house-to-house in Sierra Leone’s capital Thursday looking for patients and others exposed to the disease.

    August 1, 2014 1 Photo

  • Mideast Israel Palest_Roge.jpg U.S., U.N. announce deal on Gaza cease-fire

    Israel and Hamas have agreed to a 72-hour humanitarian cease-fire beginning Friday, during which time there will be negotiations on a more durable truce in the 24-day-old Gaza war, the United States and United Nations announced Thursday.

    August 1, 2014 1 Photo

  • APTOPIX Congress_Stew.jpg Congress oks VA, highway bills, not border measure

    Congress ran full-tilt into election-year gridlock over immigration Thursday and staggered toward a five-week summer break after failing to agree on legislation to cope with the influx of young immigrants flocking illegally to the United States.

    August 1, 2014 1 Photo

  • Wisconsin Unions_Stew.jpg Wisconsin Supreme Court upholds union law

    The fight over Wisconsin Gov. Scott Walker’s signature policy achievement, a law effectively ending collective bargaining for most public employees, ended Thursday with the state Supreme Court declaring it to be constitutional.

    August 1, 2014 1 Photo

  • Today in History

    In 1714, Britain's Queen Anne died at age 49; she was succeeded by George I.

    August 1, 2014

Top News
Poll

Do you agree with the millage rate increases?

Yes. We need to maintain services
No. Services should have been cut.
     View Results