Kyle Sandilands is set to settle his battle with radio network ARN for just a few million a year, according to a new report.
The radio king’s $100 million, ten-year contract will completely go out the window in the proposed settlement, the Financial Review reported on Tuesday.
Sandilands will reportedly be paid just $5 million a year, for the next three years, following the cancellation of KIIS FM’s Kyle and Jackie O Show in March and the subsequent cancellation of his hefty salary deal.
The total $15 million payout is a fraction of the sum Sandilands was demanding, with the radio star previously indicating he was owed as much as $85 million for the remainder of his exorbitant contract.
The out-of-court deal would ‘avoid a blockbuster trial’ that could be ’embarrassing’, and incredibly costly, for both ARN and Sandilands, the publication claims.
A deal is due to be signed on Tuesday evening, two radio insiders told the Financial Review.
Kyle Sandilands (pictured) is set to settle his battle with radio network ARN for just a few million a year, according to a new report
Daily Mail has reached out to representatives for Kyle Sandilands for comment.
It follows earlier reports that the parties involved in Sandilands’ court battle with ARN have ‘advanced negotiations and are nearing an agreement to settle’ his $85 million contract claim in Federal Court.
Sources claim Kyle wants to put an end to the fight quickly so he can get back on the air, either with ARN or with a new show.
One of his arguments in court is believed to be that, as a public figure, he risks fading into obscurity the longer he stays off the air.
The insider goes on to say that ARN is also motivated to quickly find a settlement solution, as the company’s share price remains at risk.
‘The issue for ARN is that they’re a publicly traded company, so they need to sort it out,’ the source claimed.
‘No one is going to invest in a company that has this hanging over their heads, and the shareholders want a settlement.’
Since the network axed The Kyle and Jackie O Show in early March, the company’s share price plummeted from 60 cents to a low of 18.5 cents in April.
The radio king’s $100 million, ten-year contract will completely go out the window in the proposed settlement
Sandilands will reportedly be paid just $5 million a year, for the next three years, following the cancellation of KIIS FM’s Kyle and Jackie O Show in March and the subsequent cancellation of his hefty salary deal. Pictured with Jackie ‘O’ Henderson
Though it has managed to claw its way back to 39 cents.
Sandilands also recently disclosed he is personally looking after several former staff members from The Kyle and Jackie O Show after they were made redundant by ARN.
Once he is free and clear of his battle with ARN, Sandilands is eyeing a return to the limelight.
Daily Mail revealed this week that the 55-year-old is considering plans for a major one-off live entertainment event celebrating two decades of The Kyle and Jackie O Show.
Sandilands is exploring the idea of a one-night-only spectacular that would reunite some of the biggest celebrities and musicians who have worked on the show, while giving fans access to the broadcaster following his dramatic radio exit.
‘It’s something Kyle is genuinely excited about,’ an insider said.
‘He’s spent 20 years building relationships with some of the biggest names in entertainment. The idea is to bring them all together for one event.’
