Howard Stern Overpaid?

Deadline.com gained exclusive access to the affidavits filed by Howard Stern and his agent Don Buchwald Tuesday.

Buchwald’s affidavit alleges that Karmazin is bitter about the deal Stern landed in 2006 and told Sirius XM President Scott Greenstein that he felt Stern was greatly overpaid.

“Scott Greenstein has told me a number of times that Karmazin is unhappy with the size of the Agreement that was negotiated and agreed to by his predecessor, and that Karmazin has said that if he had been CEO at the time, he would have given Stern much less and not given into our demands. He might have tried to do that, but in this case, as I told Scott Greenstein more than once, Sirius would not have gotten Stern.”

Stern’s personal affidavit was logical, but also deeply emotional. Stern wrote:

“Last year, Sirius celebrated having more than 20 million subscribers by taking out ads in the media and throwing a Paul McCartney concert to commemorate this historic event. I went to that concert, and it was simulcast on one of my channels. I do not understand how the company can brag to the world that it has more than 20 million subscribers, and then turn around and tell me that only half of them count. All of these subscribers are subscribers of Sirius. Sirius has pointed to them as a measure of the company’s success, and the whole purpose of the performance-based stock awards was to allow me to share in that success.”

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