Howard Stern will have to be content with the $600 million-plus he made under his original five-year contract with Sirius Satellite Radio. A New York judge has ruled that Stern is not owed hundreds of millions more in stock awards by the merged SiriusXM Radio.
At the Supreme Court of the State of New York in Manhattan (which, despite its name, is a trial level court) Judge Barbara Kapnick ruled Monday (4/16) in favor of SiriusXM and dismissed the lawsuit that had been filed by Stern and his agent, Don Buchwald. As requested by SiriusXM last summer, Judge Kapnick dismissed the lawsuit.
“Yesterday, New York State Supreme Court Judge Barbara Kapnick granted our motion for summary judgment and dismissed with prejudice the case brought against us by One Twelve, Inc., Howard Stern’s production company, and Don Buchwald, Stern’s agent,” SiriusXM announced before the stock market opened on Tuesday. “In March 2011, One Twelve and Buchwald commenced an action against us in the Supreme Court of the State of New York, County of New York. The action alleged that we failed to honor our obligations under the performance-based compensation provisions of our prior agreement dated October 2004 with One Twelve and Buchwald, as agent; One Twelve and Buchwald each asserted a claim of breach of contract. The Court found the agreement unambiguous and that we had complied with all our obligations under the agreement.”