Fox buys 33% of Penske Entertainment, extends IndyCar deal

The agreement also includes an extended broadcast partnership between Fox and IndyCar, further deepening the network's commitment to U.S. open-wheel racing.

The deal, first revealed by The Wall Street Journal, underscores IndyCar’s push for growth amid intense competition from Formula 1 and NASCAR. While Fox did not disclose the exact length of the media rights extension, it confirmed that the existing deal—originally running through 2027—has been extended by several more seasons.

Roger Penske, who acquired IndyCar and IMS in 2019 for an estimated $300–350 million, confirmed to WSJ that Fox initiated the proposal to buy into the business. Penske welcomed the investment, which aims to spur innovation, expand digital content strategy, and enhance marketing and promotion for the sport.

Fox Sports CEO Eric Shanks, a native of Indiana and longtime Indy 500 fan, commented: “The series represents everything we value in live sports—passionate fans, iconic venues, elite competition, and year-round storytelling potential.”

Shanks added that Fox will now collaborate with IndyCar beyond television, with plans to improve event experiences, attendance, and sponsorship outreach.

IndyCar is currently averaging 1.486 million viewers per race across the first 14 rounds of 2025—up 31% from last season. That spike comes in part from full-season broadcast coverage on Fox, unlike previous years when races aired across NBC’s cable and streaming platforms. This year’s Indianapolis 500 drew 7.05 million viewers, the highest since 2008.

Fox’s heavy offseason marketing campaign, including high-profile Super Bowl LIX advertising, positioned IndyCar as a major focus. Industry insiders say the promotion reflects Fox’s belief that IndyCar could emulate Formula 1’s media success—particularly the Netflix-fueled “Drive to Survive” boom.

While the new partnership marks a vote of confidence, industry voices warn that more proactive investment is needed.

McLaren Racing CEO Zak Brown told the Indianapolis Star last week: “We talk too much about cost containment and not enough about growth. You’re never going to cut your way to success.” Brown advocates for a strategy shift that prioritizes expansion over austerity.

Despite positive momentum, IndyCar remains far behind NASCAR and Formula 1 in media rights revenue. IndyCar generates roughly $30 million annually, compared to NASCAR’s $1.1 billion, with Apple reportedly ready to pay up to $150 million for F1’s U.S. rights from 2026.

The Fox-Penske deal is a bold move that could reposition IndyCar in the motorsport hierarchy—if leveraged with intent, resources, and compelling storytelling.