This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Howard Stern Loses $300M Battle With Sirius

NEW YORK ( TheStreet) -- Hey now! Howard Stern lost his battle with Sirius Satellite Radio (SIRI - Get Report), with the shock jock losing out on an award that cost him $300 million.

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.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
SIRI $3.96 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs