NEW YORK — Sirius Satellite Radio Inc. reached an agreement to broadcast NASCAR races and related events over a five-year period for $107.5 million, luring the broadcast rights away from rival XM Satellite Radio Holdings Inc.
The deal, announced Tuesday, calls for Sirius to become the exclusive satellite radio partner for NASCAR. The agreement was a coup for Sirius, the smaller of the two satellite radio providers.
Sirius and XM have been committing large sums of money to lock in programming as part of their drives to build up their businesses and attract customers.
Last fall, Sirius announced that it had entered a five-year, $500-million deal to broadcast Howard Stern's show beginning in 2006, when his contract with Infinity Broadcasting ends. XM signed Major League Baseball to its service last fall.