Did Howard Stern Just Save Sirius XM, Again?
Howard Stern fans will be able to put off the inevitable for at least another three years. The legendary radio morning show host announced last week that he was renewing his contract with Sirius XM Holdings (NASDAQ: SIRI) for another three years.
It came down to the wire, as the previous contract negotiations between Stern and the satellite radio monopoly had played out over the past 20 years. However, for once, the renewal did come as a surprise. A year ago, Sirius XM was targeting $200 million in annual cost savings for the media stock. Ending the deal with Stern would've gotten the media stock's bellwether roughly halfway there. There were also published rumblings this summer about Sirius XM getting ready to move on from the icon that put the platform on the map two decades ago.
The end of the reign for the self-appointed "king of all media" was finally fathomable. Thankfully for Stern, his fans, and Sirius XM shareholders, it didn't turn out that way.
Source Fool.com
