Howard Stern’s Net Worth: Shock Jock Close To A New Deal With SiriusXM Satellite Radio

SiriusXM (SIRI) is said to be close to signing a deal with Howard Stern to extend his contract and pay him about $120 million a year.

The deal would increase the pay of 66-year-old’s previous five-year contract, which topped out at $80 to $100 million, Bloomberg reported.

Stern has two exclusive channels on the satellite-radio network and a net worth of $650 million, Celebrity Net Worth reported. The agreement, while not final, would extend Stern’s stay with SiriusXM as his contract expires at the end of 2020.

Stern has been working to negotiate his contract with the company for most of the year, with reports suggesting that he has also been in talks with Spotify – a podcast competitor to SiriusXM, Bloomberg said. The negotiations with Spotify did not amount to a deal.

SiriusXM, which reported a net income of $243 million in Q2 2020 and revenues of $1.874 billion, will see its CEO Jim Meyer’s retire at the end of the year. He will be replaced by Jennifer Witz, who holds the position of president, sales, marketing, and operations at SiriusXM.

Meyer, who was known for downplaying the importance of big-name personalities on SiriusXM, such as Stern, said at a Goldman Sachs conference in September: “I can tell you that we understand the economics very, very well, for instance, of content like Howard Stern, and I can look every investor in the eye and tell them that is a good investment for SiriusXM,” the New York Post reported.

Stern left traditional radio in 2005, pursuing a spot with SiriusXM at the time. He is considered the SiriusXM’s biggest star and previously renewed his contact with the company in 2010 and 2015.

Sirus XM has more than 34 million subscribers and 150 channels, including live sports, music, talk, and comedy. The company also owns Pandora.

Shares of SiriusXM were trading at $5.80 as of 11:03 a.m. EDT, up 24 cents or 4.41%.