Directed Electronics and Sirius Satellite Radio have extended their contract to Aug. 31.
Directed has made Sirius aftermarket satellite radios since fall 2004.
Directed President/CEO James Minarik stated that changes to the agreement regarding returns are meant to enhance cost recovery and improve the predictability of DE’s earnings in the satellite radio category.
“While the pending merger between Sirius and XM has added a degree of uncertainty to the satellite radio market during 2007, as well as our agreement renewal discussions, we believe this amended agreement will serve as a template for future extensions we plan to discuss after regulatory review of their merger is fully resolved in the coming months,” stated Minarik.
