Penske Entertainment Secures Strategic Partnership with FOX Corporation
Indianapolis, IN – Penske Entertainment and FOX Corporation have announced a significant partnership wherein FOX has acquired a one-third stake in Penske Entertainment, which includes management of the NTT IndyCar Series and the Indianapolis Motor Speedway. This strategic investment aims to enhance various initiatives central to the growth of IndyCar.
Key areas of focus for the partnership include:
- Development of innovative racing and entertainment events.
- Implementation of an engaging digital strategy with an emphasis on immersive content.
- Improved promotion and support for IndyCar drivers.
Additionally, this announcement includes a multi-year extension of IndyCar’s media rights with FOX Sports, reinforcing a long-term commitment to the series.
“This partnership is built on long-standing trust and a shared vision for the future,” stated Roger Penske, Chairman of Penske Entertainment. He emphasized FOX’s recognition of the sport’s immense potential and their commitment to its growth trajectory through active involvement.
FOX Sports’ acquisition of IndyCar’s media rights is set to commence in 2025, promising expanded promotional resources and a broader audience reach. Recent metrics showcase an upward trend in viewership, with this year’s Indianapolis 500 averaging 7.01 million viewers—marking a 41% increase from the previous year. Overall, the current IndyCar season is experiencing a 31% rise in year-over-year viewership.
Eric Shanks, CEO & Executive Producer of FOX Sports, expressed enthusiasm about joining the IndyCar ownership group. He noted that the partnership underscores FOX’s dedication to motorsports and its belief in the sport’s ongoing growth potential.
This collaboration marks a pivotal moment for both the IndyCar series and its fans, as new investments aim to elevate the sport’s profile across various platforms.
