Howard Stern Is Getting Ripped Off
medium.com
medium.com
"cutting out the middleman (SiriusXM) and reaping all of the profits himself"
Most radio personalities don't want to have to deal with all of the technical aspects of running a podcast (if you don't have good studio equipment and people to run it, your show will not be entertaining and the sound quality will be seriously lacking).
You also need to manage things like getting advertisers, and show producers (Stern has many people working behind the scenes). It's much easier to just sign a contract with Sirius for 500 Million/year and call it a day.
When you make this much money, you can pretty much already get anything you want. Why bother with all of the hassle of running everything yourself?