Fox Sports Deepens Partnership with IndyCar in Major Stake Deal

In a significant move aimed at accelerating the future of American open-wheel racing, Fox Corporation has officially acquired a one-third ownership stake in Penske Entertainment—parent company of IndyCar and the iconic Indianapolis Motor Speedway. This investment not only strengthens an existing media rights deal but also positions Fox Sports as a central force in reshaping the league’s long-term vision.

Announced alongside a multi-year extension of its upcoming broadcast deal beginning in 2025, the investment signals a deeper alignment between Fox and IndyCar. The goal is clear: drive innovation, enhance fan engagement, and help the series grow its standing against competitors like NASCAR and Formula One. Although the financial terms remain confidential, reports estimate the deal’s value at between $125 million and $135 million.

The new investment comes as a natural progression of a long-standing relationship between Fox Sports and Penske Entertainment. With this deeper involvement, Fox is not just a broadcaster but a stakeholder invested in shaping the future of the sport. Roger Penske, Chairman of Penske Entertainment, emphasized the importance of shared vision, noting that Fox’s leadership—starting with Lachlan Murdoch and Eric Shanks—is committed to expanding IndyCar’s reach and modernizing its operations.

The partnership sets forth a clear growth agenda: integrate entertainment into racing events, revamp the digital content approach, and boost the visibility of IndyCar drivers. These initiatives aim to draw in younger audiences and offer more accessible content across platforms, reflecting a changing media landscape. Fox’s active role is expected to bring a wave of innovation and strategic energy to IndyCar’s development path.

Viewership numbers suggest that the strategy is already working. IndyCar has averaged 1.26 million viewers on Fox so far this season, marking a noticeable increase from the 1.03 million at the same point last year. It’s the strongest mid-season average the series has seen in more than a decade. The standout moment was this year’s Indianapolis 500, which drew 7.01 million viewers—the largest audience for the event in 17 years.

Still, challenges remain. Without the Indy 500 included, the season’s average viewership would rank as the second-lowest in the last five years. This dual reality highlights both the sport’s growth potential and the need for consistent audience engagement across the entire racing calendar. That’s where Fox’s media strength and strategic stake could play a transformative role.

Fox executives view the move as more than a financial investment—it’s a statement of intent. Eric Shanks, CEO of Fox Sports, highlighted the unique combination IndyCar offers: historic venues, passionate fans, elite competition, and compelling storytelling. By becoming a part-owner, Fox is better positioned to enhance how the sport is presented across its platforms, integrating advanced media strategies to capture viewer interest throughout the year.

This strategic alliance also builds on Roger Penske’s acquisition of IndyCar and Indianapolis Motor Speedway in 2019, a deal valued between $300 million and $350 million. With Fox now joining the ownership circle, Penske Entertainment has added another powerful media partner to its portfolio, alongside existing investments like the United Football League and the Big Ten Network.

The entry of Fox as a stakeholder marks a pivotal chapter in IndyCar’s evolution. More than just a financial boost, the partnership reflects a mutual commitment to redefining how the sport is produced, consumed, and marketed. With increased media backing, stronger digital capabilities, and a clear growth roadmap, IndyCar is positioned to strengthen its foothold in the U.S. motorsports market.

As IndyCar competes with NASCAR and Formula One for audience attention, the influence of Fox—backed by years of sports broadcasting expertise—could prove essential in reaching new demographics. Together with Penske Entertainment, the expanded collaboration aims to unlock untapped potential and deliver sustained momentum for the future of the series.