Howard Stern sues Sirius over stocks
By Sean O’Connell
Hollywoodnews.com: Is it possible to put a value on Howard Stern’s talent?
The radio personality is going to give it a try now that he has filed a lawsuit against his current employer, Sirius Satellite Radio. At issue is a number of performance-based stock options that were built into Stern’s contract. The shock jock’s attorney’s claim that the satellite radio provider “offered him a series of stock awards in 2004 if the company beat its subscriber estimates by 2 million or more,” Reuters reports. The lawsuit goes on to allege that Sirius XM beat that stated target every year from 2006 to 2010.
“Now that Sirius has conquered its chief competitor and acquired more than 20 million subscribers, it has reneged on its commitment to Stern, unilaterally deciding that it has paid him enough,” the complaint reads.
This reaction by Stern seems strange, since he just signed a new five-year contract with Sirius after months of on-air complaining and threatening to leave. You would think that unpaid stock options in the company would be a sticking point of any contract negotiation between Stern and his employers. Maybe there’s more to this lawsuit than meets the eye?
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