What a crock...no one is worth that kind of money, and no one can tell me that giving him this kind of money doesn't have a negative effect on Sirius's working capital to develop new products and services.
Stern, agent to get $220 million in Sirius stock
Published: January 5, 2006, 1:46 PM PST
Howard Stern is moving to the Sirius Satellite Radio network. CNET News.com's Charles Cooper, John Borland and Harry Fuller debate whether CEO Mel Karmazin is crazy like a fox--or simply crazy.
Sirius Satellite Radio said on Thursday that it plans to issue 34.38 million shares of its common stock, currently worth about $220 million, to its new radio personality, Howard Stern, and his agent, Don Buchwald.
In the company's October 2004 agreement with Stern, Sirius agreed to deliver the shares in December 2010, or earlier, if at the end of any fiscal year, it had exceeded agreed-upon subscriber targets. On Dec. 31, the subscriber target was surpassed. The shares will be issued Jan. 9.