'I'm Not Taking a F---ing Paycut'
Howard Stern Slams Sirius CFO: 'I'm Not Taking a F---ing Paycut'
By Dylan Stableford
Published: December 07, 2010 @ 7:01 am
Howard Stern went on a long, expletive-laced rant on his Sirius satellite radio show on Tuesday, slamming the company’s chief financial officer for saying the shock jock -- whose five-year, $500 million contract is up at the end of the month -- is not involved in contract negotiations and would have to take a pay cut to stay on the air.
"I am not taking a f---ing paycut," Stern said. “Why would I have to take a paycut? … Who is this guy to say this in public?"
"I know what I have done in this company," he said. "I am more important than Oprah, in this company anyway. Oprah's out getting the Kennedy Center honor and I've got the CFO announcing to Wall Street that I have to take a paycut."
"Nevermind getting respect from the industry,” Stern continued, “I want respect from the company."
David Frear, the Sirius/XM CFO, told a UBS investor conference in New York on Monday that while the company is “hopeful” its star will be back, he’d have to agree to return at significantly less money.
"At the time of the merger we were in many long-term contracts," Frear said. "As they come up for renewal, we'll have the opportunity to get more favorable economic terms there. [...] The marketing aspects of these alignments don't have the same kind of value components to them today that they did several years ago. We go after each new negotiation as if it's the first time."
"He could decide that he doesn't want to get up that early in the morning,” Frear added. “That he'd like to do a shorter show. That he'd like to do it somewhere else. The Internet, whether it's through iTunes or something else, is always a possibility."
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"I am calling my agent today that want more f---ing money. I don't want it perceived that I took a paycut," Stern railed, disclosing that Frear got a raise in 2008, putting his annual salary at $3.3 million. "Where's your paycut, David?"
Late last week, a wild rumor circulated that Stern was close to signing a three-year, $600 million contract with Apple to take his show to iTunes – but there are so many reasons why that story is bogus, it’s hard to know where to start (Apple’s prudish nature, iTunes' general lack of streaming, the idea of Steve Jobs signing off on strippers and midgets, etc.).
Stern’s last scheduled show on Sirius is Dec. 16.
Your Wish is My Command SL
Howard Apologizes To CFO Frear. 12/08/10. 6:00am
Show opening bits and songs included: A Jay Leno clip with James Garner bad mouthing Howard Stern, Red Peters ''Ballad of a Dog Named Stains,'' Jewel performing ''The Needle And The Damage Done'' live in the Howard Stern Show studio.
Howard started the show talking about how they were down to just 5 shows after today. He said there's still no announcement of any kind on the horizon. Howard said there's a lot of conversation about whether or not he's going to stay there or go to another company. He said yesterday he threw a tirade about the CFO of the company for saying he might have to take a pay cut. Howard said he did some investigation and found out he said nothing of the kind. Howard said he read the transcript and they extrapolated a couple of things and they made some assumptions.
Howard said it turns out that David Frear said that in many cases they don't have to pay people much to get them to renew. He said that Frear just said that Howard has been a good partner and he hopes he stays. That's all he said. Howard said the Hollywood Reporter went ahead and put that big headline about needing to take a pay cut. Howard said they attributed to Frear that he night need to step back and take a pay cut and that's not what he said.
Howard said the CFO is in the clear now. He said he thought the Hollywood Reporter was a credible source. Howard said he was misled so he doesn't really owe anyone an apology but he'll give him one anyway. Howard said he doesn't know this guy Frear but he does send him a Christmas card. Robin said she doesn't send out Christmas cards anymore. She said she just got too busy. Howard said everyone knows that she's out saving the world so they excuse her for that.