More on the CBS-Stern/Sirius Settlement
The "settlement" looks great for Stern and Sirius. Although the suit was against Howard, he paid nothing, and received tapes from all previous shows, which have to be worth a fortune. (Perhaps they were rightfully his)
Sirius essentially paid $2 million for the rights to use the recordings for the duration of Howard's contract. Think of the advertising possibilities. What a deal!
And, now no legal overhang!
AP got it right when they described the settlement as "Howard Stern regains rights of 'classic' episodes"
May 27, 2006
By Larry McShane
The Associated Press NEW YORK
"Howard Stern regains rights of 'classic' episodes
Shock jock Howard Stern regained control of the master tapes from the last 20 years of his terrestrial radio program in a Friday settlement of the contentious lawsuit brought by his former bosses at CBS Radio. Stern's new employer, Sirius Satellite Radio Inc., agreed to pay $2 million to CBS Radio, CBS Corp.'s large radio subsidiary, in return for the rights to the classic recordings, according to a statement released by both sides. "
As part of the settlement, CBS Radio will receive payments relating to the conveyance of its rights in the recordings of 'The Howard Stern Show,'" the statement read. "Sirius, for its part, will make a total payment of $2 million related to this conveyance."
The remaining details of the settlement remained confidential, according to the statement."
5/27/2006 07:40:00 AM
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