Dave Graveline may have shunned his satellite radio platform for terrestrial radio but a much, much bigger star is staying put. Howard Stern the self proclaimed “King of All Media,” made the announcement this morning that he has signed a new Sirius XM contract and will stay on satellite radio for five more years. Earlier in the week, he ranted that he wouldn’t take any kind of pay cut to stay on the job. Whether he did or not isn’t fully known since the terms of the deal were not released, although the Hollywood Reporter says analysts are estimating the deal to be in the range of $400 million over the life of the agreement. Talk of Stern bolting the satcaster for a $600 million deal with Apple turned out to be unfounded, but the new contract will allow Stern content to become available on mobile devices. Sirius XM shares were up 6% in early trading Thursday, quieting the fears of investors who feared subscribers would dump the service if he left.
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