Tuesday December 14, 1:32 PM EST
NEW YORK -- Sirius Satellite Radio Inc. (SIRI) has signed an agreement with mapping and traffic-data company Navteq Corp. (NVT) to provide traffic-reporting services over its U.S. satellite radio network, and integrate those services into car navigation systems.
Financial terms of the deal weren't disclosed.
Sirius, based in New York, said Tuesday that the new service will offer regularly updated traffic information such as accidents, scheduled road closings and other traffic-related incidents.
Traffic information will be integrated into car navigation systems combining route guidance and mapping.
The deal comes as competition heats up in the satellite-radio market. Sirius archrival XM Satellite Radio Holdings Inc. (XMSR) offers a traffic service with Honda Motor Co. Ltd. (HMC) that feeds XM's real-time traffic information into the map on the car's navigation system.
Dow Jones Newswires
© 2004 Dow Jones & Company, Inc. All Rights Reserved.