Technology
XM Extends Another Big Pact
Scott Moritz
01/31/07 - 09:19 AM EST
XM (XMSR - Cramer's Take - Stockpickr) is extending another exclusive contract with a big auto partner.
The Washington, D.C., pay-radio broadcaster says Toyota (TM - Cramer's Take - Stockpickr) has agreed to provide XM radios as factory-installed options in its vehicles until 2017.
The renewed pact comes a day after Honda (HMC - Cramer's Take - Stockpickr) reupped its exclusive agreement with XM until 2016.
"We're pleased to extend our agreement with Toyota through 2017, making XM available as the sole provider of factory-installed satellite radio for one of the world's largest and most successful auto manufacturers," XM president Nate Davis said in a press release Wednesday.
In addition to Toyota and Honda, XM has exclusive contracts with GM (GM - Cramer's Take - Stockpickr), Nissan, Hyundai and Porsche.
Satellite radio rival Sirius (SIRI - Cramer's Take - Stockpickr) has partnered with Ford (F - Cramer's Take - Stockpickr), DaimlerChrysler (DCX - Cramer's Take - Stockpickr), Volkswagen, BMW and Kia.
XM shares were up 15 cents to $14.05, and Sirius was unchanged at $3.71 in premarket trading Wednesday.