Fox Corporation, parent company of broadcast company FOX Sports, has announced that it has acquired a sizeable stake in Penske Entertainment.
The 33% investment gives FOX a vested interest in Penske’s products, which include the NTT IndyCar Series and the Indianapolis Motor Speedway.
FOX was already seen as having a strong desire to grow IndyCar, with the company becoming the series’ broadcast partner this season and spending a considerable amount on promotion effort across all its brands.
The purchase of one third of Penske Entertainment reportedly cost around $125 million, but leaves majority control of the company with Roger Penske.
“This partnership is built on long-standing trust and a shared vision for the future,” Roger Penske said.
“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.”
As part of the deal, FOX solidified a multi-year extension on its media rights deal with IndyCar. FOX already committed to multiple seasons when it won a bid for broadcast duties starting this season, taking over from NBC.
All race broadcasts have been on free-to-air television this season, including coverage of the 109th Indianapolis 500, which topped seven million viewers in the US.
“We’re thrilled to join the IndyCar ownership group at such a pivotal time for the sport,” said Eric Shanks, CEO & Executive Producer at FOX Sports.
“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.”
Roger Penske purchased the IndyCar Series and the Indianapolis Motor Speedway in early 2020, and has been working to grow both entities since then.
Discussion about this post