Howard Stern announces 5-year deal with Sirius XM

Stern’s show will continue in its current format, broadcast live on SiriusXM for four hours in the morning with replays available online. The company said it has plans to release more news about its video efforts with Howard Stern in the future, The Hollywood Reporter notes.

Howard Stern is staying on Sirius XM Radio. “It’s as if you were still watching black and white television while shopping in actual stores on your way to the post office to fax a memo”. Also included is a 12-year pact that gives the company rights to the shock jock’s video and audio material.

However, the court threw out Stern’s lawsuit in 2012, saying that his first deal with Sirius was “unambiguous”.

In March, Stern said on-air that he had been showered with offers, including one that he said “would be the dream job of all time for me”.

Deadline reports a renewal deal was predicted to be worth $500 million in cash and stock, but the video aspect could raise the total contract as much as 20 percent and increase SiriusXM’s programming outlays about 3 percent. But the satellite radio company needs him a lot more than he needs them, and so the deal got done. He has two satellite channels on Sirius. Hence, it wasn’t surprising when Meyer acknowledged a month ago that a sticking point for re-signing Stern was how much he’d be paid. In 2010, he and Sirius struck a five-year deal, which Stern called his “final five years in radio”.

As Bloomberg Business originally reported, SiriusXM could have lost “more than $240 million in annual revenue if Stern had went elsewhere”.

There were rumors that Stern would skip to Apple Music or Netflix or even produce his own podcasts instead of re-upping with SiriusXM.

This article was originally published by The Hollywood Reporter.