Photo Credit: Bill Norton / CC by 2.0
15 years after initially signing with SiriusXM – and following months of much-publicized negotiations as well as a rumored play from Spotify – Howard Stern has inked a new Sirius contract.
SiriusXM unveiled its just-finalized deal with Howard Stern today, in a formal release, following an on-air announcement from the 66-year-old radio jock. The previous SiriusXM agreement was set to end at 2020’s conclusion. As part of the refreshed Howard Stern Sirius contract, the legendary jock will continue hosting and producing The Howard Stern Show for five more years, with SiriusXM also scoring the exclusive rights to archival audio and video for seven years.
The financial terms of the half-decade-long deal aren’t specified in the release, but it’s worth noting that Stern, who reportedly earned $80 million yearly from the latter agreement, joked in October that he would have quickly accepted an offer for $120 million annually, as some outlets said he’d received.
Howard Stern addressed his refreshed Sirius contract via a lengthy statement, thanking his longtime cohost Robin Quivers and stating in part: “Fifteen years ago, I joined SiriusXM, a fledgling group of broadcasters. I had been in a toxic relationship with terrestrial radio. And no matter how well I treated the medium, no matter how successful I made them, they abused me. Going to SiriusXM liberated me. I felt like Tina Turner freeing myself from Ike.
“SiriusXM, I love you and I’m thrilled to continue our journey together,” proceeded the Queens native Stern.
Worth noting is that the satellite radio giant’s outgoing CEO, Jim Meyer, who will retire at this month’s end, noted that he expects his company to bolster Stern’s reach by tapping into “additional platforms.”
“Howard’s home has been SiriusXM and it will remain that way, but we’ve expanded SiriusXM in recent years too, and we are excited about finding the right ways that select content from Howard can find audiences on additional platforms,” said Meyer, who will remain part of SiriusXM’s board of directors after stepping down as CEO.
In July, SiriusXM purchased San Francisco-based podcasting platform Stitcher in a $325 million deal. Moreover, the New York City-headquartered company (and Pandora owner) has enjoyed better-than-expected subscriber growth amid the COVID-19 pandemic.
During today’s trading hours, SiriusXM stock (SIRI) experienced a roughly 1.4 percent uptick from yesterday’s close, with shares finishing at $6.61 apiece. While lower than SIRI’s over $7-per-share worth at 2020’s start, the value represents a considerable boost from the $4.11 per share that the stock touched amid the coronavirus’s domestic onset.
Lastly, Englewood, Colorado-headquartered Liberty Media (LSXMA), which owns 71 percent of SiriusXM (as well as a third of Live Nation), enjoyed a more than two percent stock-price boost, as shares gained some two percent and ended the day at $43.47 each.