Fox has made a significant investment in auto racing by acquiring a 33% stake in Penske Entertainment, which is owned by Roger Penske and includes notable assets like the Indianapolis Motor Speedway and IndyCar.
This transaction is being labeled as a strategic investment aimed at promoting growth for INDYCAR. It also involves a multi-year extension of media rights agreements for Fox Sports’ Open Wheel series.
Notably, Fox Sports is in its debut season broadcasting IndyCar.
“We’re really looking forward to the future,” stated Eric Shanks, CEO of FOX Sports. “IndyCar embodies everything we love about live sports—passionate fans, historic venues, and elite competition, combined with year-round storytelling opportunities.”
Shanks emphasized that this investment demonstrates Fox’s commitment to motorsports and their vision for IndyCar’s continued growth. There’s excitement about elevating the sport across various platforms.
Penske Entertainment aims to enhance its offerings by focusing on innovative, industry-leading races and entertainment events while strengthening its digital strategy and opportunities for IndyCar drivers.
“This partnership is grounded in years of trust and a shared vision for the future,” remarked Roger Penske. He believes that Fox recognizes the immense potential in the sport and wants to be an active participant in its growth.
Shanks, who is from Indiana and has a deep-rooted affection for IndyCar, was particularly eager to add IndyCar to Fox Sports, securing a TV deal with NBC Sports earlier this season.
All races are broadcast on FOX, making IndyCar the only series in the U.S. without a cable broadcast for its events.
This year’s Indianapolis 500 attracted an average of 7.01 million viewers, marking a 41% increase from last year, which is the highest since 2017.
In fact, this season, IndyCar has seen an overall viewer increase of 31% compared to the previous year.
The deal with Fox clarifies Penske’s succession plan; he acquired IndyCar and the Speedway just before the 2020 season. His sons, Roger Jr. and Greg, are involved with Penske Entertainment, yet he has been tight-lipped about future succession plans.
Penske, who is now 88 years old, continues to manage all day-to-day operations of his businesses, which include NASCAR, INDYCAR, and a vast transportation empire.
Penske Automotive also has numerous car dealerships, being one of the largest BMW dealers in the U.S. However, his racing teams and transportation business are not part of this agreement with Fox.
It’s worth noting that Fox Corp. and News Corp share common ownership interests.
