The stock of satellite radio company SiriusXM rose in early Wednesday trading as Wall Street digested a report that the company was close to sealing a big new deal with Howard Stern.
As of 9:32 a.m. ET, the stock was up 5 percent at $5.84. Bloomberg News late on Tuesday reported that the deal for "The King of All Media" could be worth around $120 million per year, compared with Stern's current five-year contract of $80 million-$100 million a year.
That drove the firm's stock higher in after-hours. But Stern, whose SiriusXM contract expires at the end of the year, on Wednesday morning said the two parties weren't "anywhere near a deal," which may explain the smaller uptick in Wednesday trading.
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