Fox Corp. on Thursday acquired one-third of Penske Entertainment, the subsidiary of Penske Corporation that owns the IndyCar series and the Indianapolis Motor Speedway. Terms of the agreement were not shared by either company, but The Wall Street Journal reported the deal was worth between $125 million and $135 million.
The deal includes a multiyear extension of Fox’s IndyCar media rights, coming after the network started airing Indy races earlier this year. Fox and Penske’s initial deal got off to a strong start, with the Indy 500 last month averaging more than 7 million viewers, making it the most-watched version of the annual race since 2008.
“This partnership is built on long-standing trust and a shared vision for the future,” Penske Corporation founder Roger Penske said in a statement. “Fox sees the incredible potential across our sport and wants to play an active role in building our growth trajectory. Lachlan Murdoch and his team, starting with Eric Shanks, are committed to our success and will bring incredible energy and innovation to IndyCar.”
Fox’s debut year of Indy coverage includes 17 races, with the next one coming up being the Grand Prix of Portland on Aug. 10. The network has agreements with a number of other sports leagues, including the NFL, MLB and Major League Soccer.
“We’re thrilled to join the IndyCar ownership group at such a pivotal time for the sport,” Fox Sports CEO Eric Shanks said in another statement.
He added: “IndyCar represents everything we value in live sports — passionate fans, iconic venues, elite competition and year-round storytelling potential. This investment underscores our commitment to motorsports and our belief in IndyCar’s continued growth on and off the track. We’re excited to help elevate the sport to new heights across all platforms.”
