Fox Sports on Thursday acquired a one-third interest in Penske Entertainment, owner of the IndyCar Series and Indianapolis Motor Speedway.

The announcement also included a multi-year extension of IndyCar’s media rights deal with Fox.

Financial terms off the deal were not disclosed. A Wall Street Journal report valued the stake between $125 and $135 million.

“This partnership is built on long-standing trust and a shared vision for the future,” said Roger Penske, the founder and chairman of the Penske corporation. “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 Sports acquired the IndyCar media rights in June 2024, starting with the 2025 season. This year’s Indianapolis 500 averaged 7.01 million viewers on Fox, a 41 percent increase over the previous year.

The deal between a media company and its racing partner is similar to Liberty Media’s purchase of a controlling interest in Formula One in 2017.

–Field Level Media