Fox buys stake in Indycar, Penske Entertainment amid rising ratings and attendance

Fox Corporation has acquired a one-third ownership stake in Penske Entertainment, the parent company of IndyCar and the Indianapolis Motor Speedway.

The agreement also includes a multiyear extension of IndyCar’s media rights deal with Fox Sports, which began in 2025. Financial details of the transaction were not disclosed, but the Wall Street Journal reported the stake is valued between $125 million and $135 million.

The move makes Fox an equity partner in a major American motorsport for the first time and aligns with a trend of media companies investing in the leagues they broadcast. Fox currently holds equity in the United Football League and other properties.

Fox Sports CEO Eric Shanks said the investment reflects the network’s long-term confidence in the sport’s trajectory. “IndyCar represents everything we value in live sports — passionate fans, iconic venues, elite competition and year-round storytelling potential,” Shanks said in a statement.

The new ownership structure comes during a period of strong performance for “IndyCar on Fox.” Viewership for the 2025 season has increased by 31 percent compared to the previous year, and this year’s Indianapolis 500 averaged 7.01 million viewers, a 17-year high and a 41 percent increase from 2024, according to Fox.

In addition to broadcast ratings, IndyCar has seen growth in fan engagement and attendance. The Indianapolis 500 sold out earlier this year, drawing a crowd of more than 300,000. The series has also launched new digital initiatives, including a mobile app, website and fantasy sports platform.

Roger Penske, founder of Penske Corporation, said the partnership is rooted in a shared strategy for expanding the sport. “FOX sees the incredible potential across our sport and wants to play an active role in building our growth trajectory,” Penske said.

Penske Entertainment is a division of Penske Corporation, which also includes Penske Automotive Group, Penske Truck Leasing and Team Penske. The racing team has recorded 20 Indianapolis 500 victories, three Daytona 500 wins and one Formula One championship.

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