According to a spokesperson for the Food Network, Emeril Lagasse is not severing all his ties with the cable network that give him his start, contrary to what was mentioned here earlier today.
Emeril Live, however, is no longer in production (repeats will probably air into the next century). Essence of Emeril, his daytime cooking show ("stand and stir," as these shows are called in the biz), will continue in production. It airs at 2 p.m. weekdays and 8 a.m. Saturdays. He will also continue to host and participate in specials on the Food Network.
The spokesperson would not comment on whether the cancelation of Emeril Live means that Emeril is no longer involved in an exclusive arrangement with the Food Network.
Having worked in the cable television business for a long time, I have to surmise that he is indeed now free to pursue other television opportunities, prime-time and otherwise.