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Monday, March 21, 2011

Sirius XM (NASDAQ:SIRI): Howard Stern annouces a Reduce Work Schedule

Sirius XM (NASDAQ:SIRI): Howard Stern to Reduce Work Schedule

9 CommentsPosted 20 Mar 2011

Category Sirius XM (SIRI) News

By D. Russian

When Sirius XM Radio (NASDAQ:SIRI) reached a new five-year deal with Howard Stern last December, details of the renegotiated contract were not disclosed. In contrast to Stern’s previous $500 million deal, of which details were made public, analysts, investors, and listeners alike were left to speculate about how much Stern cost Sirius XM this time around and what his new work schedule would be. Would he do less shows per week and be allotted more vacation time?

Since the new contract was reached Stern has continued his regular Monday through Thursday schedule, leading many to believe that his new deal with Sirius XM included the same work schedule as the previous contract, but in a new interview with Rolling Stone’s Neil Strauss, Howard Stern gives some color on the freedom of his new Sirius XM contract.

In the new interview Stern discussed his thoughts going into the December contract renewal. ”When it came down to sort of figuring out what I was really after, I was pretty sure I was going to leave the radio…I thought I’d kind of done what I needed to do. I still enjoyed it, but I also found that I wanted time to do some other things,” said Stern. “Right now, my schedule is pretty much the same as it’s always been. And then as time rolls on I’ll probably do about three shows a week,” Stern explained.

From Stern’s new comments during the Rolling Stone interview, it appears that his new contract with Sirius XM allows for a reduced work schedule of “about three shows a week.” In light of what appears to be a reduced work schedule for Stern in the new contract, did Sirius XM retain Howard Stern at a reduced rate this time around? Due to the new contract’s secrecy and the way Sirius XM’s balance sheet is structured, the answer to that question may never be known.
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