napho
April 12th, 2006, 02:07 PM
It seems to me a case could be made that on the one hand he hyped Sirius on his show and got listeners to buy shares and drive up their price; on the other hand he was putting himself in a position to sell his shares 4 years early and make a bundle, right out from under his fans. Maybe the SEC will ultimately decide the case .
Network: Jock abused millions in airtime to promote eh-eh-eh move
MARCH 8--Due to overwhelming demand, we've broken down and scanned the lawsuit CBS filed last week against Howard Stern. The network claims that the shock jock, a former employee of theirs now ensconced at Sirius Satellite Radio, breached his contract (which expired in December) by using CBS airwaves to help line his pockets with Sirius incentive payments. A copy of the CBS complaint, which was filed in New York State Supreme Court, can be found below. The network alleges that Stern, who in October 2004 announced his future defection to Sirius, spent his final 14 months on terrestrial radio constantly plugging Sirius. He did this, CBS contends, as a result of a secret deal that later awarded him (and agent Don Buchwald) more than $200 million worth of Sirius stock. That windfall occurred because Sirius had exceeded subscriber targets that were set in the satellite firm's contract with Stern. The radio host has called the lawsuit a "vicious" and "vindictive" move on the part of CBS and its president, Leslie Moonves. Stern, who recently embarked on what he calls the "I Hate Les Moonves Tour" of media outlets, charges that the lawsuit was filed to distract attention from the horrendous ratings that his CBS successors (like David Lee Roth) have recorded in his wake.
http://www.thesmokinggun.com/archive/0308061stern1.html
Network: Jock abused millions in airtime to promote eh-eh-eh move
MARCH 8--Due to overwhelming demand, we've broken down and scanned the lawsuit CBS filed last week against Howard Stern. The network claims that the shock jock, a former employee of theirs now ensconced at Sirius Satellite Radio, breached his contract (which expired in December) by using CBS airwaves to help line his pockets with Sirius incentive payments. A copy of the CBS complaint, which was filed in New York State Supreme Court, can be found below. The network alleges that Stern, who in October 2004 announced his future defection to Sirius, spent his final 14 months on terrestrial radio constantly plugging Sirius. He did this, CBS contends, as a result of a secret deal that later awarded him (and agent Don Buchwald) more than $200 million worth of Sirius stock. That windfall occurred because Sirius had exceeded subscriber targets that were set in the satellite firm's contract with Stern. The radio host has called the lawsuit a "vicious" and "vindictive" move on the part of CBS and its president, Leslie Moonves. Stern, who recently embarked on what he calls the "I Hate Les Moonves Tour" of media outlets, charges that the lawsuit was filed to distract attention from the horrendous ratings that his CBS successors (like David Lee Roth) have recorded in his wake.
http://www.thesmokinggun.com/archive/0308061stern1.html