FOX acquires one-third of Penske Entertainment including INDYCAR and Indianapolis Motor Speedway

Fox has announced a major new deal, acquiring one-third of Penske Entertainment. That deal includes INDYCAR and the Indianapolis Motor Speedway.

Along with the deal, Jeff Gluck has reported that the purchase is for between $125-$135 million. That’s a total valuation of Penske Entertainment of around $375 million and $405 million. Notably, the deal will also extend the media rights deal Fox has with INDYCAR for multiple years.

Penske Entertainment is a part of Penske Corp, which is a diversified transportation service company. Founder Roger Penske remains the chairman of what is a privately held company. Penske Entertainment, in particular, largely deals with motorsports. That includes INDYCAR, the Indianapolis Motor Speedway, IMS Productions, Grand Prix Association of Long Beach, and the Detroit Grand Prix.

“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.”

The hope is that the investment by Fox into Penske is that it’s going to help boost the NTT INDYCAR SERIES. That includes what’s described as “innovative and industry-leading” events, a new digital strategy that focuses on immersive content, and enhanced promotion of drivers to help try and create new stars.

Fox Sports initially acquired the rights to INDYCAR in 2025. That included airing the Indianapolis 500, which averaged 7.01 million viewers, a 41 percent increase over the year before, on Fox. That was also a 17-year high for viewership.

“We’re thrilled to join the INDYCAR ownership group at such a pivotal time for the sport,” Eric Shanks, CEO & Executive Producer, FOX Sports, said. “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.”

The Indianapolis Motor Speedway has been owned by Penske Entertainment since 2020. It had previously been owned by Hulman & Company since 1945. Now, Fox has bought into the ownership of The Brickyard with this agreement with Penske. The famed venue has a seated capacity of 257,325, but 400,000 for a grand total. The hope is that, in the future, the partnership can continue to grow the venue and the number of people who watch these events.