CBS Radio is taking a swipe at the king of shock jocks Howard Stern and Sirius Satellite Radio Inc. They filed a $218-million lawsuit that accuses Stern of abusing the company’s airtime to manipulate the size of the payment he would receive from Sirius when he moved there in January.
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CBS claims that while Stern was still working for them he spent over a year promoting his eventual crossover to Sirius, and from that, wrongly enriched himself at their expense, “pocketing over $200 million for his personal benefit” by greatly enhancing the Sirius subscriber base.
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The increase in the subscriber base triggered an early windfall of more than 34 million shares of Sirius stock, which is now valued at $220 million, according to the suit. The terms were disclosed after Stern had left the CBS Radio show.
Don Buchwald, Sterns agent, along with Stern’s production company was also named in the suit. Including the $218 million, CBS is also seeking an unknown amount in punitive damages.
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At this point in time Stern is the only winner in all of this as CBS can’t get anything going that interests the former listeners of Stern and although Stern’s move to Sirius has increased their base by over 1 million new subscribers, the cost to get him, along with some other deals has possibly been too high as the company lost $311.4 million in the quarter ending in December, 2005.
mr howard stern there is an undercover secret society moon telepathy cult listening yo your mind when they choose to the moon and sun cult is very real on our planet the moon uses telepathy to communicate with its cult members the chineze moonies just might belong to this evil cult i know some reporters do local and national the moon is alive a huge brain in our space i dont know how many planets are alive out there there all full of energy this is why they are bright at night but the moon does crazy things comes out in the day time and then all night fully lit half way lit and it moves all over the place its a huge brain take my word for that there has been a fourteen year federal conspiracy against me institutionalized several times for no reason every time the cops got me it was illegal as hell handcuffs and no murandum rights so i could have a lawyer i lost my family my home my reputation and my freedom many times my phone is 636-***-**** i live at ***** its all illegal what has happened to me but now i have real agents finding out the truth all of them even in england there getting the truth i will get the truth out sooner or later see ya howard
Posted by: anthony diveley | May 15, 2006 10:00 PM | Permalink to Comment