P1racenews AI automatic summary:
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, […]
FOX Corporation, the parent company of FOX Sports, announced the acquisition of a 33% stake in Penske Entertainment, which owns the NTT IndyCar Series and the Indianapolis Motor Speedway. The investment strengthens FOX’s ties to IndyCar, with the network already being the series’ broadcast partner and investing significantly in promotion. The partnership cost around $125 million, giving FOX a substantial say in Penske’s operations while leaving majority control with Roger Penske. FOX also secured a multi-year extension on its media rights deal with IndyCar, signaling a long-term commitment to the sport’s growth. CEO Eric Shanks expressed excitement about joining the IndyCar ownership group and helping elevate the sport through innovative content across various platforms.
