Shock jock Howard Stern lost out in his $300 million suit against SiriusXM, this following a Manhattan Supreme Court ruling on Tuesday (April 17).
The case focused on a clause in Stern’s original contract with Sirius in which he was promised a $300 million stock award if the company subscriber base achieved certain growth. Stern’s lawyers contend that the accounts added through the 2008 acquisition of XM Satellite Radio should count toward those numbers. But Supreme Court Justice Barbara Kapnick didn’t agree.
“While it may be true that Stern and [Stern’s agent Don] Buchwald hoped and expected to reap the benefits from any significant growth that Sirius experienced after they entered into the agreement, that subjective expectation cannot suffice to override the clear, unambiguous language of the agreement,” Kapnick says in her ruling, this according to the NY Daily News.
Stern tells his listeners on Tuesday (April 17) that he was disappointed with the ruling. He also adds that he will appeal.
“I just know what I was promised,” he says.