- Penske Entertainment also owns Indianapolis Motor Speedway
- Fox replaced NBC as IndyCar broadcast partner this year
- Series averaging 1.26m viewers on Fox through 14 races
US media giant Fox Corporation has deepened its ties with IndyCar by acquiring a one-third ownership stake in the series’ parent company, Penske Entertainment.
Fox Sports had already signed a media rights partnership with the North American open-wheel racing series starting in 2025, and this new investment includes a multi-year extension of that broadcast deal.
In addition to IndyCar, Penske Entertainment owns the Indianapolis Motor Speedway (IMS), home of the world-famous Indianapolis 500.
The value of the deal has not been officially disclosed, but The Wall Street Journal (WSJ) reports that Fox’s investment is valued at between US$125 million and US$135 million.
A major focus of this expanded partnership between Fox and IndyCar is to accelerate growth for the series as it looks to compete with Nascar and Formula One in the States. Key priorities include hosting industry-leading events that blend sports and entertainment, retooling the digital strategy, enhancing content offerings, and elevating the profiles of IndyCar drivers.
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“This partnership is built on long-standing trust and a shared vision for the future,” said Roger Penske, chairman of Penske Entertainment.
“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.”
IndyCar is currently averaging 1.26 million viewers on Fox this season, up from 1.03 million at the same point last year. It is the series’ best average viewership at this stage of the season since at least 2014.
A big factor behind the boost is the 7.01 million viewers who tuned in for this year’s Indy 500 – the race’s highest audience in 17 years. However, if you exclude the Indy 500, this season’s average audience would actually be the second-lowest in the past five years.
“We’re thrilled to join the IndyCar ownership group at such a pivotal time for the sport,” said Eric Shanks, chief executive and 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.”
Penske Entertainment was formed in 2019 when Roger Penske acquired IndyCar and IMS from the Hulman-George family in a deal reportedly worth between US$300 million and US$350 million. Fox, meanwhile, adds to a sports property portfolio that includes co-ownership of the United Football League (UFL). The company also holds a controlling stake in the Big Ten Network (BTN) as part of a joint venture with the Big Ten Conference.
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