Kyle Sandilands ARN Settlement Under $15 Million Revealed

New details have emerged regarding 's settlement with former employer ARN Media over the termination of his $100million contract.

It was previously reported that the radio shock jock would receive $15million over the next three years as part of the agreement.

However, according to an ASX statement released on Wednesday morning, ARN has actually agreed to pay Sandilands $12.09million.

The total payout is a fraction of the sum Sandilands was demanding, with the radio star previously indicating he was owed as much as $85million for the remainder of his massive contract term.

ARN has also agreed to advertise Sandilands' new independent media project in a $1.5million deal over the next three years.

ARN and Sandilands have also agreed to a net revenue share agreement, under which ARN will receive 19.9 per cent from Sandilands' new venture for a period of up to three years.

Sandilands is also prevented from dealing with any of ARN's direct competitors for nine months.

ARN Chief Executive Officer Michael Stephenson said: 'This agreement brings certainty for ARN and resolves the legal dispute. ARN remains focused on executing its strategy, including driving a leaner, more efficient operating model, strengthening its core radio network and continuing to invest in digital capabilities and long-term growth.'

Sandilands' former co-star Jackie 'O' Henderson is moving forward with her case against ARN.

Back in April, Sandilands shocked his supporters by announcing that he's , delivering the news via the Kyle Sandilands Fans page on Instagram.

'Let me tell you a little secret... shhhh, don't tell anyone. I'm working on a new project and all will be revealed soon. I'm coming back guys, bigger than ever!' he said.

Sandilands did not reveal what the project will be; however, he was shown seated in what appeared to be a recording studio, with a sign in the background reading, 'Kyle Sandilands Live.'

The shock jock then addressed his long-time manager, Bruno Bouchet, who he thanked for standing by him despite 'not being paid'.

'That's Bruno. He's paid to say that, well actually he's not paid at the moment!' Sandilands said, after Bruno told Kyle he was looking well.