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TopSatelliteRadio.com : Articles : Howard Stern
Clear Channel's Costly Stern Decision
Radio giant's show cancellations put Howard in $12 million hole
JULY 22, 2004--Howard Stern has more than 12 million good reasons to gripe about Clear Channel's decision to yank his radio show from six of its stations. According to contract documents, the King of All Media would have received at least $12 million in future payments from the conglomerate for the broadcast of his program in the half-dozen markets. In 2001 and 2002, Stern's company, One Twelve Incorporated, cut multiyear licensing deals with Clear Channel worth a minimum of $19.5 million, though that figure could have ballooned significantly based on bonus schedules tied to the King of All Media's Arbitron ratings. When Clear Channel cancelled Stern in late February, the unexpired terms of the radio deals called for the shock jock to receive future payouts of at least $12 million. Below you'll find the five-year, $4.5 million deal Stern signed in February 2002 to broadcast his show in San Diego. The other Stern/Clear Channel deals covered Pittsburgh ($3.91 million); Orlando ($3.87 million); Miami ($3.35 million); Louisville ($2.2 million); and Rochester ($1.68 million). Claiming breach of contract, Stern sued Clear Channel in June. The radio company countersued yesterday, accusing Stern of the same thing. (15 pages)
See the complete contract for San Diego here, thanks to TheSmokingGun.com.
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