Tuesday, January 09, 2007

Stern Earns Common Stock Incentive Payment

The forms indicating Stern’s (and his agent’s) current holdings will be filed with the SEC shortly, indicating that Stern is a large holder of Sirius stock. Last year, he sold approximately the amount required to cover his taxes.

Howard Stern Earns Incentive Payment Reflecting Record Subscriber Growth
NEW YORK, Jan 09, 2007 /PRNewswire-FirstCall via COMTEX News Network

SIRIUS Satellite Radio (Nasdaq: SIRI) today announced that it exceeded pre-Howard Stern subscriber estimates for the year ended 2006 by over two million subscribers. Based on the company's subscriber count on December 31, 2006, and pursuant to the October 2004 agreement with Stern, today Sirius delivered to affiliates of Stern 22,058,824 million shares of common stock, valued at approximately $82.9 million. This stock-based payment resulted from Sirius' December 31, 2006 subscriber count exceeding a specified target by more than two million subscribers. This target was agreed upon in October 2004 based upon the consensus estimate of securities analysts at that time of approximately 3.5 million Sirius subscribers at December 31, 2006. Sirius ended 2006 with approximately 6,024,000 subscribers.

"The decision to bring Howard Stern to SIRIUS required a very significant commitment and we are very pleased that our investment has dramatically paid off," said Mel Karmazin, CEO of SIRIUS. "SIRIUS has significantly outperformed earlier subscriber expectations, now generating over $300 million more revenue than Wall Street expected at the time Howard agreed to join us. Our exceptional programming, product offerings, and brand have led SIRIUS to set a satellite radio record in 2006 with 2.7 million net subscriber additions." ...read more: here

1/09/2007 07:20:00 AM

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