Howard Stern - Howard Stern's $330 Million Lawsuit Against Sirius Dismissed
17 April 2012
Howard Stern's $330 Million Lawsuit Against Sirius Dismissed
Howard Stern has had a $330 million court case dismissed, the shock jockey disappointingly finding out that Sirius XM Radio Inc were not guilty of failing to pay out stock awards he felt he was due for helping the US satellite radio company go beyond growth targets. Stern's argument was that his arrival to the company in 2006 helped boost subscriber ratings to the station and stats point out that in 2005 Sirius had 3.3 million whereas at the end of 2011 they had 21.9 million. Stern renewed a contract for his show with them in December 2010 for five years, only to file this lawsuit three months later.
However, a New York State Judge ruled "While it may be true that Stern and [his agent Don] Buchwald hoped and expected to reap the benefits from any significant growth that Sirius experienced after they entered into the agreement, that subjective expectation cannot suffice to override the clear, unambiguous language of the agreement."
Sirius did initially award both Stern's production company One Twelve and his agent Buchwald money, giving the former $75 million and the latter $7.5 million after the first year of their agreement. Despite the pair's complaints that they weren't given substantially more after that though, the judge ruled that the rate of subscriptions weren't part of the criteria that helped Sirius decide on the pay outs.
Contactmusic
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