Earlier in the week, he'd said -- using vocabulary satellite radio allows -- that he wouldn't take, um, any kind of pay cut to stay on the job. Sirius XM shares were up 20% in early trading Thursday, reports Company Town, which also notes that some analysts think Stern might cut down the number of shows he does each week from the current four. He started out on satellite doing five shows a week.
Though details of the contract weren't released, one analyst estimated it to be worth $400 million over five years, the Hollywood Reporter said.
Laura Schlessinger, aka Dr. Laura, also recently signed a satellite radio contract. Stern bailed on terrestrial radio in 2006 after pushing the limits with the Federal Communications Commission for years.