SIRIUS Nabs NASCAR from XM

In a surprise move, satellite radio service SIRIUS on Wednesday announced that beginning in 2007, it will become the exclusive satellite radio broadcaster of NASCAR stock car races. The deal lasts through 2012 at a value of $107.5 million, with the highest payments coming at the end of the contract.

NASCAR is considered one of the fastest growing of all spectator sports, and its fans are widely coveted because of their brand loyalty. The sport is currently broadcast on SIRIUS' competitor XM through a deal that was signed in 2000.

Brian France, chairman and chief executive of NASCAR compared the two deals that NASCAR was offered by the satellite radio services, and told reporters that the SIRIUS deal was worth "a lot more."

It is not clear where things went sour in talks between XM and NASCAR, however, from statements made by the service it appears that XM may have balked at what the sport was asking them to pay.

"We are disappointed that we were unable to reach an agreement on extending our arrangement with NASCAR beyond the 2006 season," Chance Patterson, spokesperson for XM told BetaNews. "However, we look forward to programming the next two seasons of NASCAR as well as the launch of Major League Baseball on XM this spring," calling it the "crown jewel" of sports radio programming.

With the addition of NASCAR, SIRIUS will now have three of the five most popular spectator sports on its airwaves, including the NBA as the NFL as well. XM has exclusive rights to Major League Baseball.