Friday, July 27, 2007

Imus and CBS to settle?

TALK SHOW SETTLEMENT | By PETER LAURIA | Business News | Financial | Business and Money: "Don Imus is about to get paid.

The disowned shock jock is close to a settlement that would have former employer CBS buy out his contract as a way to avoid costly and ugly litigation, according to multiple sources close to the situation.

These sources said the two sides have agreed in principle to a buyout and are currently exploring the price tag for such a deal - Imus had $40 million left on his contract when he was booted from CBS, but his lawsuit against the company seeks $120 million in damages.


But while the negotiations over a settlement are all but finalized, these sources said CBS is dragging its feet on making the deal official until it can sign Boomer Esiason to a contract to take over Imus' old morning slot on WFAN.

Imus, however, is known to be hankering to get back on the airwaves, and sources said his camp has reached out to privately owned Buckley Broadcasting, publicly-traded Citadel Communications and Clear Channel Communications about the possibility of a return."


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