Fox Corp. acquires stake in IMS, IndyCar owner Penske Entertainment

INDIANAPOLIS (WISH) — Fox Corp. has acquired a one-third stake in Penske Entertainment, the owner of Indianapolis Motor Speedway and the NTT IndyCar Series

Fox Corp. is the parent company of FOX Sports, which came on board as the exclusive broadcast partner of the NTT IndyCar Series at the start of the 2025 season.

Penske Entertainment, an arm of Roger Penske’s Penske Corporation, acquired IMS, IndyCar, and IMS Productions from the Hulman family in January 2020.

The company said Thursday that Fox Corp.’s investment is expected to “supercharge a new era of growth for the NTT IndyCar Series,” including “enhanced promotion and star-building opportunities” for drivers such as Alex Palou, Pato O’Ward, Colton Herta, and Scott Dixon.

The deal also extends Fox’s media rights deal for IndyCar races for several more years.

“This partnership is built on long-standing trust and a shared vision for the future,” Roger Penske said in a release. “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.”

According to the Wall Street Journal, the investment is worth $125 – $135 million.

“We’re thrilled to join the INDYCAR ownership group at such a pivotal time for the sport,” Eric Shanks, CEO & Executive Producer, FOX Sports, said in a release. “INDYCAR represents everything we value in live sports — passionate fans, iconic venues, elite competition and year-round storytelling potential.”

Penske Entertainment says this year’s Indianapolis 500 on FOX brought in just over 7 million viewers, a 4.1% increase over the 2024 edition and a 17-year high. The race was a sell out and ticket sales are brisk for the 2026 Indianapolis 500.

This is a developing story and will be updated as more information becomes available.

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