Kyle Sandilands has settled with his former employer ARN, bringing an abrupt end to the legal dispute over the termination of the shock jock’s $100 million contract.
It is understood that Kyle has settled with the broadcaster for a cool $12 million to be paid out over three years.
The legal agreement was signed in Kyle’s Vaucluse mansion around 6pm yesterday, after his 10-year, $100 million deal was torn up in March.
ARN Media shed more light on the settlement details in an ASX statement provided this morning, including the key detail that Kyle is prevented from working with a direct competitor until March 2027.
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Kyle and his related companies won’t be provided with any services by ARN going forward, but, interestingly, Kyle’s financial relationship with ARN isn’t completely over.
The broadcaster has agreed to pay Kyle a cash settlement of $12.09 million, with $3 million payable in July 2027.
The statement outlines that “as part of the settlement, ARN will provide Mr Sandilands with advertising services on ARN’s partner platforms of $1,500,000 over the next three years”.
“The parties have also agreed to a net revenue share arrangement, providing ARN a contribution of 19.19 per cent from Mr Sandilands’ new venture for a period of up to three years from commencement, subject to agreed revenue thresholds and caps,” the statement continues.
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ARN’s chief executive officer, Michael Stephenson, said: “This agreement brings certainty for ARN and resolves the legal dispute”.
“ARN remains focused on executing its strategy, including driving a leaner, more efficient operating model, strengthening its core radio network and continuing to invest in digital capabilities and long-term growth,” he said.
Kyle settling is not shocking news to anyone in his inner circle, as the radio veteran has made it clear he will do whatever it takes to get back behind the microphone after being thrown off the air in March.
ARN’s legal team won’t be able to celebrate with a holiday or even just a sleep in, because it is also understood that Jackie O Henderson is still moving forward with her case against the broadcaster.
ARN terminated Kyle’s lucrative 10-year, $100 million deal after an on air spat with his co-host, Jackie O Henderson, on February 20 that ended in tears.
After their on air argument, Jackie took personal leave, and she was later terminated after allegedly claiming she could no longer work with Kyle.
Kyle was initially just suspended for 14 days and then later terminated for “serious misconduct”.
Both were contesting their respective terminations, but Kyle’s matter is now settled.