SiriusXM is making progress in negotiations to keep its biggest star, Howard Stern, on the air.
The 66-year-old shock jock’s contract will reportedly end in 2020, but Sirus XM CEO Jim Meyer said Thursday that the satellite radio company has put forth a set of numbers "that Howard’s team is happy with."
Representatives for Stern did not immediately respond to FOX Business' request for comment.
Meyer made his comments to investors during an earnings call Thursday where the company posted revenues of $2.03 billion topping analyst estimates of $1.94 billion. The extra revenue will come in handy as Meyer said on the call, "We have a set of economics that Howard’s team is happy with and I’m happy with."
While noting Sirius XM still has "to get the deal completed" he is aiming for "a long-term arrangement " and hopes it will happen "pretty soon."
Published reports had Sirius XM shelling out $120 million a year to keep Stern around. His current deal reportedly pays him $80 to $100 million.
Stern has previously said on air that he hasn’t yet seen a new contract outline. He at times has mentioned possible retirement while there has been speculation that a streaming outlet like Spotify could outbid Sirius XM.
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Sirius XM has continued to expand its "star" offerings beyond Stern. It is also the home of Bruce Springsteen's E Street Radio and has signed new deals with stars like comic Kevin Hart and NBA superstar LeBron James.
In addition, last year Sirius XM bought streaming service Pandora and podcast company, Stitcher. In 2019 the company took in $1 billion in profits on $7.8 billion in revenues last year according to SEC filings.
Liberty Media owns the majority stake of Sirius XM, which is run by legendary media mogul, John Malone. For the third quarter of 2020, Sirius XM had approximately 34.4 million subscribers, up from 34.2 million from the previous three months.