Howard Stern’s lawsuit against Sirius XM Radio Inc., in which the radio personality sought to recover unpaid stock awards that he claimed he was owed, was dismissed by a New York judge.
Justice Barbara Kapnick of state Supreme Court rejected arguments by Stern’s production company that subscribers to XM Satellite Radio, which merged with Sirius, should be counted when calculating performance-based compensation.
“The plain language of the agreement is inconsistent with any reading that the parties intended subscribers acquired by merger with XM to be considered,” Kapnick wrote in an order dated yesterday.
One Twelve Inc., Stern’s production company, and his agent, Don Buchwald, sued Sirius XM Radio last year, claiming the company refused to pay stock awards owed under an agreement that brought Stern to Sirius.
An attorney for One Twelve, Seth Rothman, didn’t immediately respond to a phone message seeking comment.
The case is One Twelve Inc. v. Sirius XM Radio Inc., 650762-2011, New York State Supreme Court (Manhattan).
© Copyright 2014 Bloomberg News. All rights reserved.