Radio shock jock Kyle Sandilands has reached a settlement with his former employer, bringing half of a bitter legal battle to an end.
ARN Media revealed it would pay Sandilands $12 million in an ASX announcement published on Wednesday.
He will also receive $1.5 million worth of advertising services on the radio network's partner platforms, while ARN will be given a 19.9 per cent contribution from any of his new ventures for up to three years.
Though the former KIIS FM radio host has said he intends to pursue independent media opportunities, he will not be able to engage with any of ARN's direct competitors for up to nine months from the date of settlement.
"This agreement brings certainty for ARN and resolves the legal dispute," ARN chief executive officer Michael Stephenson said.
