Phoenix-based company invests millions in Paula Deen Ventures - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Phoenix-based company invests millions in Paula Deen Ventures

AP Photo/Carlo Allegri AP Photo/Carlo Allegri

Controversial celebrity chef Paula Deen is getting the backing of a Phoenix-based company in her first attempt to return to the television and retail worlds.

The Wall Street Journal reports new company, Paula Deen Ventures, said it received an investment of between $75 million and $100 million from private equity firm Najafi Cos.

The firm is led by Jahm Najafi, who owns BMG Music Service and the Book-of-the-Month Club.

Last June, the Food Network fired Deen after she admitted to using a racial slur. She also lost dozens of product endorsements.

Copyright 2014 CBS 5 (KPHO Broadcasting Corporation). All rights reserved. The Wall Street Journal contributed to this report.

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