Dubbed "The King of All Media," Stern's motion to file an appeal on a previous judgment from New York State Supreme Court Judge Barbara Kapnic was denied by the state's Appellate Division, as the court ruled Thursday that Stern could not collect the stock award worth $300 million due to language in his contract.
Stern and his lawyer had argued that when Sirius merged with XM Radio in 2008, he was entitled to an award because of XM's 10 million subscribers being added to Sirius' totals. Stern's contract has language that provided incentives tied to subscription growth.
The shock jock was supposed to receive four equity grants worth $75 million each, plus the initial $25 million bonus when the two companies merged. Stern received the initial $25 million, but not the other four equity grants, as the Appellate Division said the term "Sirius subscribers" was not the same as added subscribers from XM Radio.Shares of Sirius were down in Friday trading, off 2.22% to $3.09. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull