Kyle Sandilands has reached a settlement with his former employer ARN Media, over the termination of his $100 million contract.
According to a statement to the ASX on Wednesday morning the media company has agreed to pay the radio shock jock $12.09 million to settle the legal dispute before the Federal Court.
As part of the settlement ARN Media has also agreed to advertise Sandilands’s new, independent media project on its platforms in a $1.5 million deal over the next three years.
As part of the deal Sandilands has agreed to a revenue share arrangement with ARN, providing the media company with 19.9 per cent of the revenue from his new venture.
However, Sandilands cannot engage with ARN’s direct competitors for nine months, according to the ASX announcement.
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