Summary Box: Howard Stern could get pay cut as radio struggles, one satellite operator left

Summary Box: Pay cut for radio host Howard Stern?

STERN WARNING: Howard Stern threatened on the air — again — to quit Sirius XM Radio Inc. as he and the satellite radio provider enter negotiations during the last year of his $500 million, five-year contract.

WHERE STERN CAN GO: Not many places left that can pay him big bucks. Free radio stations are struggling with declines in advertising revenue and hefty debt. There’s only one satellite radio operator left, and he’s already on it.

WHAT’S NEXT: Sirius CEO Mel Karmazin said he’ll work hard to keep Stern. But with Sirius looking to cut costs, Stern might get a less lucrative deal.