More Details On Stern/Sirius Deal, Karmazin Buys More Shares
May 31, 2006
In a new Securities and Exchanges Commission (SEC) filing, Sirius has revealed more details about the settlement with CBS Radio over their Howard Stern lawsuit. The satcaster's $2 million payment to CBS for the rights to tapes of Stern's old shows is mentioned. Also revealed is that the rights to the tapes expire in December of 2010, the same time as Stern's contract with Sirius. The amount of money paid out to CBS by Stern, his company and his agent Don Buchwald, remains confidential, according to the terms of the settlement.
Also revealed in the SEC filing was that Sirius CEO Mel Karmazin has purchased one million shares of the satcaster, at $4.47 each. Overall, Karmazin now owns 6.5 million shares of Sirius. He purchased another million shares back in January.