Fox Corp. is making a major investment in motorsports, acquiring a one third stake in Penske Entertainment, the company that owns the Indycar circuit and the Indianapolis Motor Speedway, which is home to the Indianapolis 500.

The deal also includes a multi-year extension of Indycars media rights deal with Fox Sports. Indycar rights had previously been with NBCUniversal, but Fox took over the rights earlier this year, promising a major push for the circuit. This years Indy 500 averaged over 7 million viewers, a significant increase from the year prior. Were thrilled to join the Indycar ownership group at such a pivotal time for the sport, saidEric Shanks, CEO executive producer of 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 Indycars continued growth on and off the track. Were excited to help elevate the sport to new heights across all platforms.

This partnership is built on long-standing trust and a shared vision for the future,added Penske CEO Roger Penske. 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.

Penske Entertainment is a subsidiary of Penske Corp., the transportation services company run by Roger Penske. His son, Jay Penske, founded a separate media company, Penske Media, that owns The Hollywood Reporter, among other publications.