Paula Deen Receives Over $75 Million Investment
Paula Deen is looking to make a comeback with a new business model after receiving between $75 and $100 million from investors.
Deen, the 67-year-old restaurateur and cooking show host, made headlines last June when one of her former restaurant employees alleged that she made racial jokes at the establishment. In a testimony from a Deen's deposition on May 17, the Food Network host admitted to using the N-word in the past.
Soon, Deen's sponsors dropped her and distanced themselves. After a public apology and some time away from the spotlight, The Wall Street Journal announced that the restaurateur is looking to make a return with her new company Paula Deen Ventures.
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Deen's new company will be backed by Najafi Cos., the company that is investing millions in her and also owns the Book-of-the-Month Club and BMG Music Service.
"The Paula Deen brand is alive and well," Jahm Najafi, the head of Najafi Cos., told The Wall Street Journal. "Our investment allows the Paula Deen brand to expand their relationships and the partnerships that are already in place, and support those partnerships on a go-forward basis."
The publication is reporting that Deen's new company is in talks with possible partners, television networks and retail chains to return to form in her industry. The news comes after she was dropped by a number of sponsors including Wal-Mart, JCPenney, Walgreens, QVC and The Food Network last year.
Despite the backlash she received, Deen's Facebook fans seem to have grown. Najafi says this is a sign that Deen can return to the top of her game.
"The important thing to remember is that her fan base is rabid," he told The Journal. "Her Facebook fan base has more than doubled in the past year."
For Deen, it seems just as important that people know her heart.
"I hope one day that everyone can have the opportunity to know who I am, as my family, friends and fans do," Deen told The Journal.
