NEW YORK (CNN/Money) - Sirius Satellite Radio will pay $107.5 million for the exclusive satellite rights to Nascar for five years, starting in 2007.

Sirius (Research) said Tuesday it will create a new channel devoted entirely to Nascar.

In addition to carrying all 10 months of Nascar's Nextel Cup Series, Busch Series and Craftsman Truck Series races, the channel will offer behind-the-scenes news and driver profiles. Sirius also said it will sell advertising on the new channel.

"With Nascar, we will be able to develop endless creative programming and marketing opportunities," Sirius executive Scott Greenstein said in a statement.

According to the company, Nascar, with 75 million fans, is the second most watched sport on television, behind the National Football League.

The $107.5 million fee will be paid over the course of the deal, with larger amounts coming at the end.

Sirius' said that in addition to Nascar, the company now has exclusive satellite rights to all NFL and National Hockey League games and non-exclusive rights for up to 40 National Basketball Association games each week.

Sirius' main rival, XM Satellite Radio (Research), has exclusive satellite rights to all Major League Baseball games.

All of Nascar's online news is handled by Turner Sports Interactive, a Time Warner (Research) company. Time Warner is also the parent of CNN/Money.