Howard Stern Sues Sirius XM

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Howard Stern has sued Sirius XM stating that the satellite radio company failed to pay him stock awards.

Howard STern sues Sirius XMStern and his agent Don Buchwald claim the shock jock was to receive stock benefits linked to growth in new subscribers. But while Stern did receive two payments including one for 34.4 million shares in 2006, Sirius XM failed to continue the payments after 2007, the suit claimed, according to Reuters.

You may remember that Stern signed a 5-year contract with Sirius Satellite Radio in 2004 for $500 million. He also renewed his contract with Sirius XM in December for another 5 years.

In a statement Sirius XM said it followed the terms of the 2004 deal, and noted that Stern just renewed his contract through 2015. Sirius XM said it was surprised and disappointed by the legal action, said The New York Times.

The suit was filed in New York State Supreme Court in Manhattan by Stern’s production company, One Twelve, and Buchwald.

More fodder for Stern’s show so he can rant against his employer?

Source: Reuters via The New York Times

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5 Comments

  1. Satellite radio possibly would be non-existant without Howard Stern.

    Please remember: XM was bleeding money, and Sirius purchased XM. Sirius would not have been strong or powerful enough to complete the transaction without Howard Stern.

  2. Ditto to Chad
    Stern brought 6 million listener with him to sat rad.
    $14.95 per month x 6 Mill. NOT WORTH IT??? an increase of 89.7 mill per month.
    Any business would drool at numbers like that.

  3. you two are CRAZY. Without Howard there would be no Sirius. He saved their @ss when no one was buying what they were selling. I\’m not a huge fan, but you have to give credit where credit is due. He is a force in satellite radio and should be compensated the way they promised.

  4. I second the last opinion. He brings nothing to the table. I personally do not understand how an over the hill pervert who’s main topic is whether or not certain women’s boobs are real or fake, is even getting paid one cent. You couldn’t pay me enough money to waste my time listening to him.

  5. Howard Stern is an over paid opinionated loud mouth that Sirius/XM should get rid of. I doubt that the new listeners to Sirius/XM due to Howard Stern being a DJ ever came close to paying his salary. Sirius/XM would do themselve good if they cut that expense and put that towards their own operating cost maybe then their stock would be higher than $1.71/share. Sirius/XM could hire new DJs with the same shocking over the top opinions that would cost the company a fraction of what they pay Howard Stern. Now Howard is going to cost Sirius/XM even more.

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