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Kyle Sandilands has settled his dispute with ARN Media for a $12m cash payout and a promise it will help him launch a new media venture.

The money is a fraction of the $85m the former radio host had been seeking after his abrupt sacking from the network in February, but avoids what threatened to be a costly and potentially damaging trial in the federal court.

Sandilands and his co-host on Kiis FM’s Breakfast Show, Jackie “O” Henderson, took separate legal action against ARN after the company terminated their 10-year contracts a year in. Henderson’s suit has not yet been settled.

The licensee for Kiis FM, ARN Media, said in a statement to the stock exchange on Wednesday that a binding settlement had been reached with Sandilands. The agreement terminated all claims and counterclaims lodged in the federal court.

It also severed all previous ties Sandilands had with the station – he had told the court he wanted to go back on air at Kiis FM.

Sandilands is barred from appearing on any radio stations which compete with Kiis FM for nine months, the company told the ASX.

ARN Media said Sandilands was pursuing “independent media opportunities” and it had agreed to advertise his new venture on its radio stations.

The deal includes a cash settlement of $12.09m, with $3m payable next month and the balance payable monthly until June 2029.

“Mr Sandilands has advised ARN that he intends to pursue independent media opportunities,” the announcement to the ASX said.

“As part of the settlement, ARN will provide Mr Sandilands with advertising services on ARN’s partner platforms of $1,500,000 over the next three years.”

Sandilands will share 19.9% of any revenue from his new show for three years with ARN Media.

Sandilands and Henderson were seeking $85m and $82m respectively from ARN, and a date had been set down for a single trial.

While the Sandilands matter has been settled, the company said the Henderson proceedings remain ongoing.

Henderson is claiming compensation of “at least $82,250,000” for the wrongful termination of her 10-year contract. She told the court she had complained to ARN about Sandilands allegedly bullying her on more than one occasion.

The legal stoush began when Sandilands and Henderson had an on-air argument and Henderson took immediate leave.

On 3 March ARN announced the duo’s breakfast show would be taken off-air effective immediately after Henderson said she could no longer work with her on-air partner of 25 years.

ARN’s chief executive officer, Michael Stephenson, said the agreement brought certainty for ARN and resolved the legal dispute.

“ARN remains focused on executing its strategy, including driving a leaner, more efficient,” Stephenson said.