Howard Stern Loses Bid to Revive $300 Million Sirius XM Lawsuit | Bob's Blitz

Howard Stern Loses Bid to Revive $300 Million Sirius XM Lawsuit

Howard Stern has lost his appeal to revive a $330MM lawsuit against his employer, Sirius XM Radio. Gina Hall elaborates:

The satellite radio service saw 2 million additional subscribers in 2012, putting its total subscribers at 23.9 million. The current CEO, James Mayer, was compensated $3.3 million last year, up from $3.1 million. Chief content officer Scott Greenstein brought in $2.4 million, up from $2.3 million, and CFO David Frear was paid $2.1 million, down from the $20.8 million. In 2011 Frear was awarded $18.9 million in stock options.

But while the CEOs cashed in on the extra subscribers, one person didn't -- Howard Stern. On Thursday a New York appeals court decided not to overrule a New York judge's ruling from last year claiming that that Stern deserved additional stock compensation if Sirius exceeded subscriber target projection. Sirius had exceeded the targets, but only when customers directly gathered through the merger with XM were counted.

Stern claimed he thought he was a partner to Sirius and that his participation in Sirius' success put the company in a position to acquire XM.

Zoo Za Zoo...(should be the new caller greeting when calling Mike F.)

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