CBS Radio will get $2 million from Sirius Satellite Radio to convey the rights of recordings of The Howard Stern Show.
Other terms of the settlement were not disclosed, but in essence Sirius is paying that sum for decades' worth of Stern archival material that it can now use on its air.
They were settling a lawsuit against Stern over his jump to Sirius Satellite Radio, but it’s not clear how much Stern might have paid to resolve the dispute.
In a joint statement, CBS and Stern said they settled, partly through licensing recordings of Stern’s old show to Sirius for $2 million. The release refers to additional payments without specifying how much and who precisely paid.
CBS had charged that Stern improperly used his slot on CBS’s Infinity radio stations to promote his move to Sirius Satellite Radio, which gave him a five-year, $500 million deal.
CBS filed suit in the New York State Supreme Court against the Sirius Shock jock, his agent and Sirius, for "multiple breaches of contract, misappropriation and unjust enrichment." The suit also said Stern had the show recordings, which CBS said were its property.
Among the allegations were that Stern promoted Sirius on CBS's air in order to collect on a $220 million dollar stock deal triggered by the number of new subs he generated for the satellite radio company. CBS says Stern did not reveal that the stock deal could trigger as early as January 2006.
CBS also said Sirius induced Stern to breach his contract and that Stern breached his contract by negotiating to move to Sirius in the first place.--John Higgins contributed to this report.