Sirius Satellite Radio has wooed NASCAR from rival XM Satellite Radio, disclosing Feb. 22 that it will pay the hugely popular auto-racing association $107.5 million over five years beginning in 2007.

(The Hollywood Reporter) -- Sirius Satellite Radio has wooed NASCAR from rival XM Satellite Radio, disclosing Feb. 22 that it will pay the hugely popular auto-racing association $107.5 million over five years beginning in 2007.

Sirius said it will create a 24-hour channel dedicated to NASCAR for streaming live coverage of races, interviews with drivers and news and talk about the sport, which NASCAR says has 75 million fans in the United States.

NASCAR has had a home on pay radio via a deal with XM since 2000, but analysts have speculated that XM has been only splitting advertising revenue with NASCAR, making the Sirius relationship more lucrative. But, as was the case when Sirius said it would pay Howard Stern $500 million to bring his show to Sirius for five years beginning next year, some on Wall Street quickly viewed the NASCAR arrangement as too extravagant.