Howard Stern Loses Lawsuit Against SiriusXM
Howard Stern has lost his $300 million lawsuit against SiriusXM and will have to be content with the $600 million-plus he made under his original five-year contract. Supreme Court of the State of New York in Manhattan Judge Barbara Kapnick ruled in favor of SiriusXM and said that Stern is not owed hundreds of millions more in stock awards by the merged SiriusXM Radio.
The case came down to a clause in Stern's original contract in which he was promised a $300 million stock award if the company subscriber base achieved certain growth. Stern's lawyers contend that the accounts added through the 2008 acquisition of XM Satellite Radio should count toward those numbers. But Justice Kapnick didn't agree.
Stern told listeners yesterday he was disappointed with the ruling saying, "I just know what I was promised." He also says he'll appeal. (04-18-12)
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RADIO ONLINE | Wednesday, April 18, 2012 | 7:12am CT
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