Howard Stern Re-Signs With Sirius XM Radio - $400 Million Deal?
Howard Stern has re-signed with Sirius XM Radio and will continue to produce his show on satellite radio for five more years. Of course, he had to string his listeners along for a bit.
Stern said on the air, "I've signed a deal. ... I started to look at all the companies, Sirius included. And Sirius has been very, very anxious for me to re-sign. ... And I know deep down in my heart, I kept thinking I'd like to stay here. Because more than anything, I think what we've built hasn't been finished yet." He continued without announcing his choice for over half an hour.
"I came to the conclusion after speaking to everyone that the real innovators and the real geniuses are the people here, that our home should be at Sirius satellite radio. ... My answer is that I will be here for the next five years," he finally said.
"If we're going to stay in radio, we should stay here. We're in an incredible position and suddenly there's real growth. It's a real business."
Also important is the news that his show will be available as a podcast on Sirius XM's mobile app for the first time. Anyone with a mobile device will be able to download the show. Apparently making his show available in this fashion was integral to any contract Stern would sign.
Analysts are saying the deal could be worth $400 million, $100 million less than his last deal. The difference? They are speculating that this deal includes no stock options.
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