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Sirius Woos NASCAR From XM

New York — Sirius Satellite Radio announced it has reached an exclusive agreement to broadcast NASCAR races and events over a five-year period beginning in 2007, at which time Sirius will replace XM as the exclusive NASCAR satellite radio broadcaster.

Sirius said it purchased the NASCAR rights for $107.5 million. This is “a lot more” than the fees XM is currently paying NASCAR annually, said Brian France, chairman and CEO of NASCAR, at a news teleconference here.

Sirius’ CEO Mel Karmazin said, “The NASCAR fan base is a perfect demographic, lifestyle and geographic fit with Sirius.” In addition, the predominantly spring and summer season of NASCAR will complement the fall and winter season of Sirius’ other key sports partner, the NFL, said France.

Sirius said it will set up a 24-hour, seven-days-a-week NASCAR channel.