Stern Gets Big Stock Bonus; Celebrates Anniversary
January 9, 2007 at 5:54 AM (PT)
HOWARD STERN gets a big stock bonus payday for the increase of SIRIUS SATELLITE RADIO's subscription base, with STERN and his affiliate parties granted 22,058,824 shares of common stock worth about $82.9 million. The bonus is based on the increase over pre-STERN subscription estimates by over 2 million subscribers (pre-STERN projections were for about 3.5 million subscribers by the end of 2006, and the company ended that year with 6,024,000 subscribers).
"The decision to bring HOWARD STERN to SIRIUS required a very significant commitment, and we are very pleased that our investment has dramatically paid off," said SIRIUS CEO MEL KARMAZIN. "SIRIUS has significantly outperformed earlier subscriber expectations, now generating over $300 million more revenue than WALL STREET expected at the time HOWARD agreed to join us."
Celebrates One Year On Satellite
In additional STERN news, following his live show today (1/9), STERN will mark the one-year anniversary on SIRIUS SATELLITE RADIO with a rebroadcast of his historic debut (1/9/06) show on satellite radio. In addition, STERN will broadcast the "Best of 2006 Top 10 Countdown Special," which replays the best moments of the year voted on by fans.
"It's been a great year, and the show is better than ever," said STERN. "We've delivered on the promise of satellite radio; I can do whatever I want and say whatever I want."