Howard Stern Contract Extension: Net Worth Increases Dramatically After New Deal

Howard Stern announced a multi-year contract extension with SiriusXM Tuesday morning, which added on to his lucrative net worth.

Stern's current contract, which is estimated to be worth up to $100 million over five years, is quickly coming to a close. Stern is in the last year of his contract, and SiriusXM made it a priority to resign the media mogul.

Rumors spread on Stern's new contract and it may be worth up to $120 million, The Hollywood Reporter says. However, specific financial details remain unknown.

Stern announced the new contract on his show this morning and said: "Fifteen years ago, I joined SiriusXM, a fledgling group of broadcasters. I had been in a toxic relationship with terrestrial radio," Stern said. "And no matter how well I treated the medium, no matter how successful I made them, they abused me. Going to SiriusXM liberated me. I felt like Tina Turner freeing myself from Ike."

"And despite the naysayers and the ridicule, we have persevered, and are thriving. I've been proven right about satellite radio over and over again. With this contract renewal, I can't wait to see what else I'll be right about. Certainly, I have a lot more to say about Metamucil crackers and stepmom porn. Plus, now that I can work from home, I simply don't have an excuse to quit," Stern added.

SiriusXM CEO Jim Meyer was thrilled about the extension and noted the importance of having Stern as the poster boy for radio.

“We have had Howard for 15 years and I am sure that every penny we paid Howard our shareholders have benefited [from],” Meyer said.

As for Stern, it's no secret that he collects one of the most handsome paychecks in radio today. According to Celebrity Net Worth, Stern is valued at $650 million, and his estimated worth is only projected to increase after the new contract goes into effect.

While some argue that Stern is being overpaid, many experts believe that he is worth every penny.

In a recent report, B. Riley analyst Zack Silver said, “Marquee exclusives like Stern help support SiriusXM's premium price point, as well as differentiate the service from other subscription audio platforms. And for investors, we believe that a potential renewal with Stern serves as a proof point that SiriusXM can continue to retain and attract top talent to its service."