If reports we hear are correct, STMicroelectronics could make as much $180 million if the subscriber projections related to Howard Stern’s jump to satellite radio come to fruition. Sirius Satellite Radio [SIRI] estimates a third of Stern’s 12 million listeners are expected to follow the popular shock jock when he begins broadcasting his show pay-satellite-radio in 2006. STMicroelectronics will begin supplying chips to Sirius’ hardware supplier next year, and the Stern deal could cause a spike in the demand for new satellite radio receivers.

And the Stern ripple effect widens. With the money Sirius had to pony up to sign the New York City-based shock jock, the probability of a public offering to raise funds comes as no surprise. The offering consists of 25 million shares of common stock and $200 million in principal amount of convertible notes due in 2011. Morgan Stanley & Co. is the sole underwriter of both offerings. The proceeds, which Sirius says will total approximately $290 million, will be used for general corporate purposes, including investments in programming, infrastructure, and retail and automotive distribution arrangements.