Howard Nearing $120 Mil Renewal?

• Bloomberg reports that Howard Stern is closing in on a mega-contract renewal with SiriusXM Holdings Inc. that would boost his pay to about $120 million a year, according to people familiar with the matter.

Stern’s current five-year deal with SiriusXM expires at the end of December, and he has been negotiating a fresh deal for the better part of the year, said those same people, who asked not to be identified because the conversations are ongoing. His previous five-year contracts, which cover production and staff, topped out at roughly $80 million to $100 million.

Sirius shares climbed as much as 7% to $5.95 in late trading after Bloomberg reported that the agreement was close. They had been down 22% this year through Tuesday’s close.

However, Bloomberg cautions, “It’s still possible talks will fall apart. Chief Executive Officer Jim Meyer, who has long seen Stern as key to SiriusXM’s success, will be leaving at the end of the year. But keeping Stern has been a major priority for the dominant player in satellite radio. The talk-show host is the company’s biggest star and helped draw millions of listeners to satellite radio when he left his job in terrestrial radio for Sirius in 2005.”