XM to sponsor motor racing event

XM Satellite Radio will be the title sponsor for an Indy 200 racing event to be held on March 19, the company announced on Tuesday.

The sponsorship is part of a marketing deal the radio company has signed with motor sports promoter International Speedway Corp., XM said. XM will have an on-site presence at 25 IndyCar series racing events this year, as well as at events at 10 ISC tracks, including Daytona International Speedway, California Speedway and Richmond International Raceway.

The paid radio service market currently has two major players, XM and Sirius, and recently there have been unconfirmed reports of their merger. They have been working with automakers to get their receiver factory-fitted in new car models. XM said its service has 3.2 million subscribers.

XM has built up a considerable stable of sports partners, and has signed deals with Nascar, Major League Baseball and the Atlantic Coast, Big Ten and Pac-10 college sports conferences, it said.

"This agreement with ISC allows us to further our commitment to motor sports and promote our strategic partnerships with auto manufacturers such as Honda, General Motors, Toyota, and Nissan," Hugh Panero, CEO of XM, said in a statement.