Sirius to Give Stern $220 Million in Stock

Sirius Satellite Radio Inc. will give Howard Stern 34 million shares of stock -- worth about $220 million at today’s prices -- because the company has met agreed-upon targets for gaining new subscribers under its 2004 deal with the shock jock.

Sirius said its subscriber count as of Dec. 31 exceeded the target it had agreed upon with Stern in October 2004, when it made a five-year deal with him.

At the time, Sirius said its deal with Stern would be worth about $100 million a year beginning in 2006. The 34.4 million shares were then worth about $110 million, but the stock has about doubled in value since that time.