After yesterday's closing bell, CBS Radio issued the official announcement that they have filed suit against Howard Stern, One Twelve (his company), Don Buchwald (his agent), Don Buchwald & Associates (his agent's firm), and yes, Sirius Satellite Radio.

The lawsuit seeks $218-million in restitution, as well as an unspecified amount punitive damages.

Of focus in the lawsuit is the 34-million shares of SIRI stock, valued at approximately $220 million, that were issued to Stern for exceeded 2005 subscriber targets. The Stern-Sirius contract supposedly had these goals set for payment in 2010, but there were provisions that allows for this to be paid ahead of time. Alegedly, this was motivation for Stern to utilize CBS Radio airwaves to assure himself immediate access to $200 million in assets that could be readily converted to cash."

The suit further charges that Sirius intentionally induced and caused Stern to breach his contractual provisions by offering to accelerate Stern's payment of millions of dollars in stock options to promote Sirius on CBS airwaves and by concealing Stern's stock interest from CBS Radio.

[Press Release]
[LA Times]

(Does anyone have video of the press conference? Email me if you do.)
UPDATE: Got the video, check it out here.