3/23 – Howard Stern Sues Sirius

“Howard Stern and his agent, Don Buchwald, are suing Sirius XM Radio for failing to pay stock awards they say are due for helping the satellite radio provider become a Sirius player. In a suit filed yesterday in New York, Stern’s production company, One Twelve, and Buchwald said that Sirius made an initial bonus stock award after Stern started in January 2006 but failed to do so over the subsequent four years. The suit charges that Stern’s signing helped Sirius exceed its subscriber targets by at least 2 million subscribers in each year of the contract, triggering a new stock award each time. It also said that Stern put Sirius in a position to complete its 2008 acquisition of XM, which had also courted Stern years earlier. Sirius had about 230,000 subscribers to XM’s 1.3 million at the end of 2003. As of the end of December, the combined company had 20.2 million,” according to dcrtv.

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