Variety reports that the new deal was reached after an almost six-week deadlock, as both parties struggled to agree on financial terms. It was rumoured that Flay had demanded upwards of $100 million.
Flay is approaching the 30th anniversary of his partnership with Discovery. The new deal will allegedly allow the celebrity chef to expand his repertoire and provides more opportunities for his company, Rock Shrimp Productions.
“We are thrilled to continue Bobby Flay’s long-standing relationship with Food Network,” said Food Network’s president, Courtney White. “He captivates our audience with his incredible culinary skill, fierce competitive spirit and his trademark ability to share a deep passion for food.”