FOX Corporation acquires one-third stake in IndyCar owner Penske Entertainment

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3 days ago

FOX Corporation has acquired a one-third ownership stake in Penske Entertainment, the parent company of IndyCar and the iconic Indianapolis Motor Speedway. Financial terms were not disclosed.
The announcement, made jointly on Thursday by Penske Entertainment and FOX, marks a significant investment in the continued growth of the IndyCar Series and coincides with a multi-year extension of IndyCar's media rights agreement with FOX Sports.
'This partnership is built on long-standing trust and a shared vision for the future,' said Roger Penske, Chairman of 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.'
The deal is meant to bolster IndyCar's future, with a renewed focus on racing innovation, immersive content strategies, enhanced digital platforms, and the development of driver personalities as household names, according to the official press release.
It also solidifies FOX Sports as the long-term broadcast home of the series, capitalizing on a 2025 season that has already shown substantial audience growth.
FOX became IndyCar's broadcast partner in 2025 and has delivered record-breaking results, including a 41% increase in viewership for the Indianapolis 500, which averaged 7.01 million viewers — the highest in 17 years. Overall, the season is averaging a 31% year-over-year increase in ratings.
'We're thrilled to join the IndyCar ownership group at such a pivotal time for the sport,' said Eric Shanks, CEO & Executive Producer, 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.'
In 2026, the series will further expand its footprint by adding a new street race through Arlington's entertainment district in Texas, created in partnership with the Dallas Cowboys and Texas Rangers — a first-of-its-kind collaboration in U.S. motorsports. The schedule, yet to be released, is also expected to include a race at the Autódromo Hermanos Rodríguez in Mexico City.
Penske Entertainment first acquired IndyCar and the Indianapolis Motor Speedway from the Hulman-George family in November 2019. That purchase marked a new era for the sport, and now, with FOX coming on board, IndyCar appears poised for its next chapter.
The first race under this new management .
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