Howard Stern announced on his show this morning that he has signed on to do an additional five years at Sirius XM radio , although the terms of his latest contract might not be as favorable as his original $500 million deal.
Stern didn’t go into cash money specifics about the deal on the air or on his website, only saying the terms of the renewed contract were “very fair.” Sirius XM’s CFO David Frear insinuated recently that high compensation packages like Stern’s would be up for re-negotiation soon, saying:
“At the time of the merger, we were in many long-term contracts… As they come up for renewal, we’ll have the opportunity to get more favorable economic terms there.”
Of the newly negotiated deal, Stern said:
“I have come to the conclusion that the real innovators, the real geniuses are the people here at Sirius,” he said. “I have signed a five-year contract to stay at Sirius.”
He also told listeners that he could say with “almost certainty” that he would not remain on the radio after his new contract expires.
