KEY POINTS

  • Bobby Flay wanted a $100 million contract with Food Network, a report says
  • The network reportedly wouldn't budge in negotiations and ultimately decided to move forward without the chef
  • Flay and Food Network's negotiations were amicable and "strictly business," according to the report

Celebrity chef Bobby Flay is parting ways with Food Network after nearly three decades at the cabler due to money, a report says.

News broke last week that Flay, 56, would not be renewing his contract with Food Network when it expires at the end of the year.

The two parties tried to negotiate a new deal, with Flay seeking one that would be higher than Guy Fieri's, an unnamed source close to Flay's team told People. The "Diner, Drive-Ins and Dives" host's recent $80 million contract has made him the highest-paid chef on cable TV.

"Bobby wanted a contract in the ballpark of $100 million," the tipster said.

However, comparing Flay's and Fieri's deals is "not apples to apples," an anonymous source close to the cabler told the outlet.

"Guy has a three-year deal. The terms of what Bobby was looking for were gravely different than just cash. The terms were longer, the scope of work was different and thus the dollars were different. It's not just $80 million to $100 million," the second insider explained. 

But Food Network ultimately chose not to give Flay the terms he was seeking, and negotiations ended with the decision to part ways, according to the first source.

"The two sides were just way too far apart. It became clear the two could not and would not be able to come to terms and so the network decided to move forward without him," the tipster told People. "Regardless, it was really much more amicable than you'd think. It was strictly business."

Flay has been with Food Network for 27 years. Since making his debut in 1994, the culinary master has starred and hosted several hit shows, including "Boy Meets Grill," "Beat Bobby Flay," "Food Network Star," "Throwdown! with Bobby Flay," "Brunch @ Bobby's" and "Iron Chef America."

He has also won four Daytime Emmys and two James Beard awards and received a Hollywood Walk of Fame star.

News of Flay and Food Network failing to reach an agreement was first reported last week. The Discovery-owned cabler made its decision after trying to negotiate with the chef for a while now, sources told Variety Thursday. Both the network and Flay declined to comment at the time.

Meanwhile, Fieri joined Food Network after winning "The Next Food Network Star" Season 2 in 2006. In addition to his signature series "Diners, Drive-Ins and Dives," he has also starred in many shows, such as "Guy's Grocery Games," "Guy's Family Road Trip" and more.

Fieri renewed his contract with Food Network in May. He signed an $80 million deal — a $50 million raise from his previous agreement — with the network, making him one of the highest-paid hosts on cable TV, Forbes reported.

In the same month, Fieri and his wife of 26 years, Lori, purchased a home in West Palm Beach, Florida. The couple, who was based in Northern California, had been considering buying a place in Florida "for a long time" prior to sealing the deal earlier this year.

"We got an awesome place and we're super excited," Fieri told People at the time, adding of his new contract with Food Network, "It wasn't because of the contract, but it did coincide. It makes it a lot easier to explain to Lori how I'm buying a house in Florida, when you go, 'I did just do a new contract.'"

Bobby Flay Hamptons Pictured: Chef Bobby Flay attends the Hamptons Magazine Celebration with Cover Star Bobby Flay at Calissa on July 19, 2019 in Water Mill, New York. Photo: Mark Sagliocco/Getty Images for Hamptons Magazine