11:22 ET America's Test Kitchen Under Contract for Food52, Inc. Assets

The acquisition, subject to bankruptcy court approval, unites two preeminent media brands beloved by millions of fans , /PRNewswire/ -- America's Test Kitchen (ATK), the leading, multi-platform, culinary media brand, today entered into an agreement for the acquisition of certain assets of Food52, Inc., a pioneering food, media and lifestyle brand through a court supervised bankruptcy process. Food52, Inc. has filed a voluntary petition for chapter 11 relief in the United States Bankruptcy Court for the District of Delaware to facilitate an auction sale of substantially all of its assets, with ATK serving as the proposed stalking horse bidder. In connection with the restructuring process, Food52, Inc. has reached an agreement with ATK to provide the company with new capital in the form of a debtor-in-possession (DIP) financing facility. Upon approval by the Court, this DIP facility is expected to provide sufficient liquidity to operate the Company's business during the pendency of the chapter 11 case. "We are delighted at the opportunity to acquire the Food52 brand assets and to grow this iconic brand that audiences love," said Daniel Suratt, CEO, America's Test Kitchen. "We believe Food52 remains a singular media property with a strong legacy and we are excited to build on that to continue to serve Food52 fans." "From the beginning, Food52 aspired to build a place where great food, thoughtful design and a deeply engaged community could live together," said Erika Ayers Badan, CEO, Food52. "We are excited at the prospect of bringing this into the future with the help of America's Test Kitchen, one of the most trusted brands in culinary media." Also, as part of the restructuring process, Food52, Inc. will file customary "First Day" motions to allow it to maintain normal business operations. About America's Test Kitchen The mission of America's Test Kitchen (ATK) is to empower and inspire confidence, community, and creativity in the kitchen. Founded in 1992, the company is the leading multimedia cooking resource serving millions of fans with TV shows (America's Test Kitchen, Cook's Country, and America's Test Kitchen: The Next Generation), a magazine (Cook's Illustrated), cookbooks, a podcast (Proof), FAST channels, short-form video series, and the ATK Essential subscription for digital content. Located in a state-of-the-art, 15,000-square-foot test kitchen in Boston's Seaport District, ATK has earned the trust of home cooks and culinary experts alike thanks to its one-of-a-kind processes and best-in-class techniques. Fifty full-time (admittedly very meticulous) test cooks, editors, and product testers spend their days tweaking every variable to find the very best recipes, equipment, ingredients, and techniques. Learn more at AmericasTestKitchen.com. About Food52 Inc.Food52 Inc. is the parent company of Food52, Schoolhouse, and Dansk—an American home, food, and lifestyle company celebrated for distinctive storytelling, original content, and a vibrant, deeply engaged community. Across its brands, Food52 inspires connection around home, cooking, and creative living, bringing people together through ideas, products, and shared experiences. Learn more at Food52.com. SOURCE America's Test Kitchen