In this Issue:

Howard Stern’s lucrative marriage with SiriusXM struck in 2005 is in limbo. Stern’s contract pays him about $80M a year. With Stern on board, Sirius’s fortunes took off: It has 27.3 million paying subscribers and earnings of $1.4B in 2014. Stern’s contract expires in December 2015 and he hasn’t said if he intends to extend it. Stern’s alternatives come with steps backward in compensation, reach, or prestige  but he has even hinted at retiring. Felix Gillette examines both the rise of SiriusXM and how Stern’s looming free agency comes at a time of upheaval in the radio business. Take a look for yourself.

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