Stern has been "a great resource" for Sirius XM, and Sirius CEO Mel Karmazin and his team are "very involved" in negotiating a possible extension of his contract, which ends this year, said Maffei, whose company owns a 40% stake in the firm.
5 stars if you believe the banks are trying to scare you away from Sirius!!!
MERGER - They said it would FAIL - they lied.
BANKRUPTCY - They said it was imminent - another LIE
REVERSE SPLIT - They spent hours, days, weeks, months trying to sell this bogus info.
DON'T LET THEM FOOL YOU.
He will remain with SiriusXM.
The manufactured uncertainty surrounding Stern negotations sat atop Google search engine for 5 days straight. If you googled "SIRI" you got manufactured uncertainty, articles designed to convince you that Stern will leave. PROPAGANDA - PAID FOR.
A disaster resouce that screwed his fans by pumpming a stock for his own greed... from $100mil to over $221mil.
In October 2004 we disclosed that the aggregate fixed obligations under our agreement with Stern would be approximately $100 million per year commencing in 2006. The 34,375,000 shares issued to Stern and Buchwald were valued at that time at approximately $110 million and were included as part of the aggregate fixed obligations under the agreement.
We have directed The Bank of New York, the transfer agent for our common stock, to issue on January 9, 2006 an aggregate of 34,375,000 shares of common stock for the benefit of Howard Stern and Don Buchwald, his agent. Pursuant to our October 2004 agreement with Stern, we agreed to deliver these shares in December 2010, or earlier if as of the end of any fiscal year we exceeded agreed upon subscriber targets. Our December 31, 2005 subscriber total exceeded the subscriber target we agreed upon with Stern in October 2004.
Stern's a resource for disaster...
"Yes, Howard Stern finally got his show on the air after 14 months of nonstop hype. The debut came just days after Stern scored a big hunk of stock as the New York satellite radio broadcaster hit some big subscriber targets. The company duly registered the shares so the shock jock and his underpaid agent could choose at their leisure when to sell.
This last development set off a surprisingly sharp midweek selloff in the richly valued stock. Some wags pointedly overlooked Stern's rich five-year contract with Sirius to conjecture that he'd immediately dump all 31 million shares. ...
Fortunately for Sirius bulls, to the rescue came CEO Mel Karmazin, who courageously bought a million shares of his own, boosting his own stake to 5.5 million shares and sending the stock back up."