NEW YORK–It started with plenty of bluster and a claim of hundreds of millions in damages.
In February, CBS sued shock jock Howard Stern and Sirius Satellite Radio for an amount exceeding the value of the $220 million in stock options he received for helping the satcaster reach subscriber targets when he moved from terrestrial to satellite radio.
CBS alleged that by plugging Sirius he had “misappropriated millions of dollars worth of CBS Radio airtime for his own financial benefit.”
On Friday, CBS settled its case against shock jock Howard Stern and Sirius Satellite Radio for a fraction of that.
How much less?
It’s difficult to know exactly because both sides are bound by confidentiality, but at least one of the two parties preferred not to have much publicity around the settlement, which was finalized on the Friday before Memorial Day weekend.
Sirius agreed to pay $2 million in damages to CBS, while Stern, his agent Don Buchwald and his company One Twelve will make multiple “payments” of an undisclosed amount to CBS for the use of Stern’s archive recordings.
These are the recordings CBS accused Stern of having stolen from the premises when he left CBS Radio–then known as Infinity Broadcasting–late last year.
The settlement closes one of the more bizarre turns in the drama surrounding Howard Stern’s move from CBS to Sirius. But it’s not over.
Stern’s lawyer, Peter Parcher, also represents David Lee Roth, who was Stern’s replacement in East Coast markets. Roth was dumped just months after starting the job, and is considering legal action to recoup the balance of his $4 million contract.