Penske Entertainment, the company owned by Roger Penske that operates IndyCar and the Indianapolis Motor Speedway, announced Thursday that it has sold a one-third ownership stake to Fox. The move marks a strategic partnership aimed at accelerating growth for IndyCar and solidifying a long-term media rights deal with Fox Sports.
This deal follows Fox Sports’ first season as the exclusive broadcaster of IndyCar, and it includes an extended contract to keep the series on Fox’s platforms for years to come. All races in the current season have aired on Fox’s main network, making IndyCar the only U.S. racing series with all events shown on broadcast television rather than cable.
So far, the partnership has delivered strong results. The 2024 Indianapolis 500 drew an average audience of 7.01 million viewers, a 41% increase from last year and the highest since 2008. Overall, IndyCar viewership has grown by 31% compared to last season.
Penske Entertainment expects this investment to lead to more innovative racing events, stronger digital engagement, immersive content experiences, and increased marketing efforts around its drivers.
“This partnership is built on long-standing trust and a shared vision for the future,” said Roger Penske. “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.”
Eric Shanks, CEO and Executive Producer of Fox Sports, has a personal connection to the series. A native of Indiana, he grew up attending the Indianapolis 500 and has long admired IndyCar. His determination to add the series to Fox Sports led to securing the broadcast rights away from NBC starting this year.
“We’re thrilled to join the IndyCar ownership group at such a pivotal time for the sport,” Shanks 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.”
This sale also offers some insight into the future leadership of Penske Entertainment. Roger Penske, now 88 years old, has rarely commented on succession plans, though his sons, Roger Jr. and Greg, are involved in the racing side of the business. With Fox now part of the ownership group, the leadership structure of the company is set to evolve while staying aligned with Penske’s goal of keeping IndyCar and the Speedway as multi-generational family assets.
Importantly, the Fox deal does not include Penske’s other businesses, such as his race teams across NASCAR, IndyCar, and sports car series, nor does it affect Penske Corp., the company’s massive transportation empire, or Penske Automotive’s car dealerships. Those remain wholly under Penske’s control.
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