The Smoking Gun reports that a New York judge has dismissed a lawsuit brought against SiriusXM Radio for $300 Million by shock jock Howard Stern and his manager, Don Buchwald. The dispute was over five stock options (each worth $75 million) promised to Stern for attracting listeners when he signed with Sirius. Essentially he received one of the $75 million stock grants, but four more hung in the balance when Sirius merged with XM in 2008.
Judge Barbara Kapnick dismissed the case which was filed last March, and she did so with prejudice. Dismissal with prejudice means they cannot file to have the case heard before a judge again. Her decision was based on unclear wording in the contract between Sirius and Stern regarding bringing on new listeners. Stern and Buchwald contend that the listenership brought on by the XM/Sirius merger constituted payment, but the judge did not agree.
Some estimate that Stern has earned hundreds of millions of dollars off of his satellite radio career since departing terrestrial radio just before 2006. Stern is frequently listed as one of America’s most influential contemporary figures, and was voted Forbes magazine’s 49th most powerful celebrity in 2011.
@EllisMate did you see Howard lost his lawsuit with Sirius xm? Should make for a very interesting day on his show tomorrow
@HowardStern Howard Stern lawsuit vs Sirius XM Radio thrown out…I was rooting for you. Sorry to hear.Damn!