Howard Stern Signs New 5-Year Deal to Stay on Sirius/XM

Howard Stern - 2009
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The shock jock announced the news on his radio show Thursday morning.

Howard Stern has signed another five-year deal to stay at Sirius/XM, he announced on his radio show Thursday morning.

"I have come to the conclusion that the real innovators, the real geniuses are the people here at Sirius," he said. "I have signed a five-year contract to stay at Sirius."

Stern's five-year, $500 million contracted was set to expire at the end of this month.

Stern did not discuss how much his second contract was worth, just saying it was "very fair."

Sirius XM's chief financial officer David Frear has hinted the company may not pay Stern as much.

"At the time of the merger, we were in many long-term contracts," Frear said at a UBS conference this week. "As they come up for renewal, we'll have the opportunity to get more favorable economic terms there."

Stern says this will be his last renewal.

"I can say with almost certainty that this is my final five years on radio," he told his listeners.