Howard $tern's Big Payday
The King of All Media can book another $83 million to his net worth.
Howard Stern's employer, Sirius Satellite Radio, announced today that it has rewarded its star shock jock with 22 million shares of company stock for bringing listeners with him from FM radio when he moved to satellite in January 2006.
As part of his eye-popping $500 million, five-year deal with Sirius signed in October 2004, Stern would receive a performance bonus if Sirius ended 2006 with 2 million more subscribers than analysts estimated it would have gained without Stern.
Analysts predicted Sirius would end 2006 with 3.5 million subs. Instead, the service now claims slightly more than 6 million subscribers. Essentially, solid evidence of the Stern Effect .
I figured Stern would be good for about 1 million new subs for Sirius. Looks like I was off by half. (Of course, there's no way of knowing how many new subscribers Sirius would have picked up in 2006 on its own if it had not signed Stern. But why would I rain on this parade?)
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