The self-proclaimed King of All Media was dealt a public blow today as a Manhattan Supreme Court justice shot down his lawsuit against SiriusXM.
Last year, Stern and his agent, Don Buchwald, filed a lawsuit against his employer, mere months after renewing his radio show contract for another five years. The lawsuit centered on a part of his initial contract with Sirius, which rewarded Stern based on subscriber growth. The suit contended that Stern should have been compensated for subscribers added when Sirius and XM merged in 2008. Judge Barbara Kapnick ruled today that the contract language is “unambiguous,” dismissing the suit “with prejudice.”
Stern was paid $500 million (minus show costs) for the first five years, with another $100 million in stock for subscriber and merging fees. The lawsuit came as a surprise due to its proximity to Stern’s renewal with SiriusXM and his traditionally warm relationship with CEO Mel Karmazin, who was a Stern supporter years before the two were under their current roof.
Predictably, Stern expressed intent on his show to appeal the decision. This summer, the King of All Media will actually step outside his favored medium and participate as a judge on NBC’s “America’s Got Talent,” replacing Piers Morgan. We here at Critic Speak pray that Stern will be able to scrape by until completion of the appeals process.
Source: New York Daily News