Howard Stern is suing his own radio station Sirius XM for refusing to pay him performance-based stock options.
Howard Stern, 57, is suing Sirius XM for not paying him his stock options he said they promised.
Stern’s lawyers claim that Sirius offered their client stock incentives in 2004 if the station beat their subscriber estimates by over two milion.
The lawsuit states that Sirius XM beat their estimates from 2006 to 2010, stating, “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”.
As for Sirius, they stated they were surprised and disappointed by Stern’s lawsuit, after the shock jock just signed a new five-year contract.
A source at Sirius told the Wall Street Journal, “We have met all of our obligations under the terms of our 2004 agreement with Howard, his agent and production company”.
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