Fox Sports has made a major move that will affect the future of the NTT IndyCar Series. The broadcaster has acquired one third of Penske Entertainment, which owns both the IndyCar Series and Indianapolis Motor Speedway.
The Wall Street Journal first reported the news on Thursday, noting that Fox Sports' investment had a value between $125-135 million. As the outlet reported, the deal also included a several-year extension of the media rights deal between Fox Sports and IndyCar.
The broadcaster then confirmed the major move with a Thursday morning press release. The announcement noted that this deal includes "enhanced promotion and star-building opportunities" for the IndyCar drivers.
"This partnership is built on long-standing trust and a shared vision for the future," Roger Penske, owner of Penske Entertainment, 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."
Fox Sports acquired the IndyCar media rights ahead of the 2025 season. The broadcaster took over for NBC Sports and put all of the IndyCar races on the main Fox channel. The deal also included media rights for the developmental Indy NXT series.
Fox Sports has aired eight of the 17 IndyCar races this season while introducing a new style of commercials focused on top drivers. The racing series has seen a boost in ratings with a 31% overall increase compared to last season. The Indy 500, the biggest event of the year, saw a 41% increase with 7.01 million viewers.
Next season's schedule will see a new event joining the IndyCar schedule. The top drivers in the series will race through the Arlington entertainment district, which the Dallas Cowboys and Texas Rangers use as their home.
"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."