Sirius Satellite Radio and the NBA have expanded their contract (which was already extended nearly a year ago) to include making SIRIUS an official NBA marketing partner. SIRIUS and the NBA have also launched NBA Radio, the first 24/7, year-round radio channel devoted to the NBA, on SIRIUS' channel 127.

NBA Radio features content from NBA TV -- including news, highlights and features on the league, its teams and players -- and will showcase specialized programming that will be heard exclusively on SIRIUS.

As the Official Satellite Radio Marketing Partner of the NBA, SIRIUS will conduct NBA-themed advertising and promotions with the NBA logo, NBA Radio on SIRIUS logo and 30 team logos through NBA media assets and at the NBA Store.

[Press Release] 

UPDATE: A commenter pointed out that I didn't mention whether this is exclusive or not. SIRIUS is the only official satellite radio provider of the NBA (though XM has some coverage through ESPN Radio). The press release says it all: SIRIUS is the exclusive satellite radio provider of an extensive programming package that features more than 1,000 regular season games, plus every game of the NBA Playoffs and The Finals.