All the talk this morning was based around CBS filing suit against Howard. Seems the total sum being sought after is about 615 million and is based around the idea that Howard used the airwaves on Infinity to boost the sales of subscriptions on Sirius towards the goal that was reached back in December which resulted in Howard’s +200million stock aquirings.
I think one caller summed it nice in saying “Hey have you heard the Chicago Bulls are suing Michael Jordan because they suck.”
All CBS is doing is brining Howard’s name to the front pages. Howard has moved from old radio in December and since has been broadcasting on Sirius to a much smaller crowd. Because of all this drama Howard has been sprung to the headlines in which CBS is probably going to be brining more subscribers to Sirius.
Here are some articles that are appearing today.
CBS Radio filed suit against Howard Stern for compensatory and punitive damages for multiple breaches of contract, fraud, unjust enrichment, and misappropriation of CBS Radio’s broadcast time. CBS also seeks damages from Sirius Satellite Radio, Inc. for unfair competition and tortious interference with Stern’s CBS contract.
The lawsuit alleges that “Howard Stern repeatedly and willfully breached his written contract with CBS Radio over the last 22 months of that contract, misappropriated millions of dollars worth of CBS Radio airtime for his own financial benefit.” CBS also ascertains that “by engaging in continuous promotion of Sirius on CBS Radio airtime without any payment by Sirius to CBS for these advertisements and by pocketing over $200 million dollars for his personal benefit, Stern misappropriated millions of dollars worth of CBS Radio airtime for his own financial benefit.”
Prior to the lawsuit’s filing, Howard Stern held a press conference in New York claiming the lawsuit is a personal vendetta against him by CBS Chief Executive Officer Les Moonves.
“I’m offended. I really do think this is a personal vendetta. Les has had it in for me for a long time. I don’t deserve it,” Stern told a news conference.
“They’re floundering,” Stern said, adding that talk of a suit was meant as a distraction from CBS Radio’s problems.
Stern claims CBS made millions of dollars of him and added to the media attention surrounding his Sirius move by booking him on several CBS TV shows, including “60 Minutes” and “Late Show With David Letterman.”
“The Battle of All Media” has begun. Can the King prevail?
It’s all personal.
New York, New York (AHN) – CBS Radio (formerly Infinity Broadcasting) is suing radio host, Howard Stern, for over $400 million, claiming a slew of charges.
CBS filed a 43-page complaint with the New York State Supreme Court, charging the shock jock, his agent, and his new employer, Sirius, with breach of contract, fraud, unjust enrichment, misappropriation of radio time, unfair competition and interference with Stern’s CBS contract.
CBS says Stern, “repeatedly and willfully breached his written contract with CBS Radio over the last 22 months of that contract, misappropriated millions of dollars worth of CBS Radio airtime for his own financial benefit, and fraudulently concealed his interest in hundreds of millions of dollars of Sirius stock while promoting it on the air.”
However, Stern claims that the suit is over personal vendettas by radio executives.
Stern claims, “I showed them a way to make money. I syndicated the show… I set record high profits for them. I did everything in this world that they never could have accomplished on their own… But me they obsess on. And me they go after.”
“So when somebody tells you that it’s not personal, it’s personal. All hell is breaking loose over there.”
6/9/2007 4:14:21 PM
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