Activity surrounding the stock of Sirius Satellite Radio was frantic on Wednesday after the company announced that its star talent, the very well-paid Howard Stern, could sell his considerable equity share in the company any time he chooses to do so.
"Howard Stern hates Oprah Winfrey so much that he is trying everything in his power to be richer than the queen of daytime."
That's what Perez Hilton has to say. And if Howard Stern sells a large chunk of his Sirius stock, shareholders will feel the same hatred - except it will be directed at the self proclaimed 'King Of All Media'
Shares dropped 5.9% to $6.12. The slide in the stock price wiped out nearly $12 million in wealth from Stern and almost $1.2 million from Don Buchwald, the shock jock's personal manager.
Stern was reportedly awarded 31.25 million shares of Sirius on Monday, the same day his show debuted on the No. 2 satellite radio company. Buchwald was also reportedly given 3.125 million shares. According to published reports, the pair were to be awarded the shares in 2010, though Sirius accelerated the date to Monday based on the positive impact Stern has had on subscriber growth.
When Sirius signed Stern in October 2004, it agreed to pay him $80 million per year in cash in addition to the stock, according to published reports.
Sirius shares spiked 15 months ago on the news that Stern would eventually join the company and spiked yet again when radio titan Mel Karmazin joined as CEO.
-- Compiled from wire reports
FEATURES 
