Radio shock jock Howard Stern has a “Sirius” legal matter on his hands.
Stern says SiriusXM Radio cut him out of promised stock options when the once-competitive satellite radio groups Sirius and XM merged. Now he’s suing for what he says is rightfully his. According to the lawsuit, obtained by TMZ.com, Sirius promised Stern a share in “any success that the company achieved” during the courtship that moved him from terrestrial to satellite radio. Stern claims that once Sirius acquired XM, and more than 20 million subscribers, it reneged on that promise. Based on the subscriber estimates, he says his stock options between 2006 and 2010 should have ranged in value from three-point-seven-million-dollars to 12-point-one-million dollars. Stern’s lawsuit seeks unspecified damages. Sirius has not yet responded to Stern’s claims.