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Sirius Provides More Detail On Their Settlement With CBS

Today Sirius released an 8-K detailing their settlement in the CBS/Stern case. From the 8-K…

The lawsuit brought by CBS Radio Inc. against us along with Howard Stern and others referenced in Item 3 of our 2005 Annual Report on Form 10-K has been settled. As part of the settlement, CBS Radio is conveying its rights in the recordings of the Howard Stern Show that aired on CBS Radio from 1985 through 2005. We will have the right to use those recordings as part of our Howard Stern channels through December 2010. We are making a total payment of $2 million to CBS Radio. This is the only payment we will make under the settlement agreement.
Complete 8-K

There are no details on what Stern will pay himself, but Sirius got out very very well.

Posted by BenDee on Tuesday, May 30th, 2006 at 10:52 am.
Filed in Howard Stern, CBS Radio, Stock.
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Comments:

  1. 20 years of recordings for $2 million. Not bad at all! by 7Aaron
  2. This is a win for Sirius, and an embarrassment to CBS for asking for "500" million and only getting $2M and they had to give up the content they own in the process. So I would say that Sirius was vindicated. by Manco
  3. Quote:
    Originally Posted by Manco
    This is a win for Sirius, and an embarrassment to CBS for asking for "500" million and only getting $2M and they had to give up the content they own in the process. So I would say that Sirius was vindicated.
    Well in all fairness 2 million that they've told us about, the rest of the deal is confidential. I've seen other reports saying that Stern and his Agent paid $10 million, but again we'll never know the full outcome. Still even at 12 million this really makes SIRIUS and Stern look GOOD!!! by DAB
  4. Quote:
    Originally Posted by DAB
    Well in all fairness 2 million that they've told us about, the rest of the deal is confidential. I've seen other reports saying that Stern and his Agent paid $10 million, but again we'll never know the full outcome. Still even at 12 million this really makes SIRIUS and Stern look GOOD!!!
    Especially considering that trial would have dragged on for years and kept dragging down the Sirius stock price as well. by badmotherfarker
  5. Hey Bad you know what I just realized in reading SISO post. Is that SIRIUS has the rights to those tapes. So this agreement for the tapes is between CBS and SIRIUS, though of course you know Howard in the end wins because he is in full agreement to use them on SIRIUS, which would be required. by DAB
  6. Quote:
    Originally Posted by DAB
    Hey Bad you know what I just realized in reading SISO post. Is that SIRIUS has the rights to those tapes. So this agreement for the tapes is between CBS and SIRIUS, though of course you know Howard in the end wins because he is in full agreement to use them on SIRIUS, which would be required.
    Yup... we were talking about this in another thread this morning (or maybe it was on SFN). CBS can only give Sirius their ownership (50%) of the tapes. But again, like you said, I'm betting that Howard didn't want to settle out of court for his part but did so because this was going to be a big win for Sirius. The stock took a nice little jump this morning on the news. by badmotherfarker
  7. i wonder if this is what cbs was shooting for from the beginning? by planetahead
  8. I would assume the rights to the K-Rock tapes revert to Howard in 2011, unless he re-ups his contract. No way Super Agent Don Buchwald fucks that up a second time.

    Even if Howard has to pay $2 million to Sirius for their half of the rights when his contract is up, it's a steal. And then he can shill his old tapes on infomercials for the rest of his golden years and not have to share the profits with anybody.

    That'll pay for lots of Depends, and plenty more Beth O's. by angrytrousers
  9. It looks like Sirius is going to debut a Classic Stern Show this weekend. by satfun
  10. Quote:
    Originally Posted by satfun
    It looks like Sirius is going to debut a Classic Stern Show this weekend.
    Where did you get that? by badmotherfarker
  11. On my site.

    SBS TOS don't allow me to post a link because it could be considered advertising - or spamming. by satfun
  12. Quote:
    Originally Posted by badmotherfarker
    Yup... we were talking about this in another thread this morning (or maybe it was on SFN). CBS can only give Sirius their ownership (50%) of the tapes. But again, like you said, I'm betting that Howard didn't want to settle out of court for his part but did so because this was going to be a big win for Sirius. The stock took a nice little jump this morning on the news.

    this and the comment above about how we dont know the confidential part (e.g. how much stern paid CBS) makes me wonder....

    what if Stern and his agent had to pay cbs 10mil- and then they told sirius they need to pay 10 mil for howards permission to use the tapes?

    Is that posible? Or would sirus have had to tell about the new payment to Stern? by efudd
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