Paula Deen Whips Up a $75 Million Deal to Revive Her Career AP
Paula Deen has a $75 million plan in the works to get her career back. The Associated Press reports that the TV chef has received a cash infusion of at least $75 million from a private investment firm, with the money earmarked for reviving her career.
Private equity firm Najafi Companies is investing $75 million to $100 million to create a new company called Paula Deen Ventures, which will oversee her media efforts, restaurants, cookbooks and product endorsements, the story says.
The investment comes after Deen’s career tanked following her admission in legal proceedings that she had used racial slurs in the past. The Food Network dropped her show, and she lost several endorsement deals.
"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 in a statement.