Howard Stern is suing Sirius XM, the radio station he has been working for since 2005. Howard Stern, the 'shock jock' radio DJ, is suing Sirius FM for reportedly refusing to give performance-based stock options, reports Cbs News. The 57-year-old's lawyers say that the satellite radio provider offered him a series of stock incentives in 2004 if the station beat its subscriber estimates by 2 million or more. The lawsuit alleges that Sirius XM beat its targets every year from 2006 to 2010, adding, "Now that Sirius has conquered its chief competitor and acquired more than 20 million subscribers, it has reneged on its commitment to Stern, unilaterally deciding that it has paid him enough". Sirius said they were both "surprised and disappointed" by the legal action from their most popular DJ. The lawsuit comes just months after Stern signed a new five-year contract with the station. His previous deal, which ended in December, was reportedly worth $500 million. Sirius XM, which had around 600,000 subscribers when Stern began his tenure in 2005, now has 20 million subscribers and expects to sign up another 1.4 million by next year.
In light of the lawsuit, Howard Stern's future at the radio station remains unclear. An insider at Sirius told the Wall Street Journal, "We have met all of our obligations under the terms of our 2004 agreement with Howard, his agent and production company".