Love him or hate him, Howard Stern may have a legitimate lawsuit on his hands. After recently signing a new 5 year contract worth approximately $500 million, the "King of All Media" is gearing up to sue his current employer. While the pending suit gets under way, Stern continues to work for Sirius XM satellite radio, broadcasting his morning radio show every Monday through Thursday.
Not much is currently known regarding the particulars of the law suit at this time but as with most things, it all boils down to the mighty dollar. When Stern signed his initial deal with Sirius back in October 2004, one of the perks of said deal was that Stern was promised certain stock options if the company met certain quotas in terms of subscribers. It has been reported that the quotas were more than met, having exceeded estimated subscriptions by the millions.
Reports claim that Sirius has paid Stern "enough money already" and are under no obligation to pay him any more. The claim stems from Sirius XM not paying out on their agreement to award Howard his stock options. Howard Stern, of course feels as though he has earned said compensation and should get what was initially agreed upon based on the company meeting and ultimately exceeding its business expectations.
The legal dilemma that is raised in all this turmoil is whether Howard and Sirius have a conflict of interest. Certainly the pending law suit makes for an awkward and uncomfortable work environment to say the least. This situation somewhat parallel to the current media frenzy involving Charlie Sheen, producer Chuck Lorre and CBS. Unlike the latter, Howard Stern is continuing to work while said legal issues are dealt with and at the moment is acting extremely professional and keeping things tight lipped.
Time will only tell, but one thing is certain: Howard Stern is Sirius.
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Carbone & Carbone LLP, Martin A. Carbone, Esq., Attorney at Law
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I wonder what Iron Sheik would call Stern...
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