Fox revved up its funding in auto racing by scooping up a 33% stake in Penske Leisure, the Roger Penske-owned entity that holds Indianapolis Motor Speedway and IndyCar amongst its property, the businesses stated Thursday.
The sale was described as a strategic funding and partnership designed to launch new progress for IndyCar and features a multi-year contract extension for Fox Sports activities' media rights take care of the open-wheel collection.
Fox Sports activities is in its first season broadcasting IndyCar.
“We're thrilled to hitch the IndyCar possession group at such a pivotal time for the game,” stated Eric Shanks, CEO & Government Producer, FOX Sports activities. “IndyCar represents every little thing we worth in reside sports activities — passionate followers, iconic venues, elite competitors and year-round storytelling potential.
“This funding underscores our dedication to motorsports and our perception in IndyCar's continued progress on and off the observe. We're excited to assist elevate the game to new heights throughout all platforms.”
Penske Leisure expects the sale of a part of the corporate to spearhead modern and industry-leading racing and leisure occasions, heightened digital technique and immersive content material focus, in addition to enhanced promotion and star-building alternatives for IndyCar drivers.
“This partnership is constructed on long-standing belief and a shared imaginative and prescient for the longer term,” Roger Penske stated in a press release. “Fox sees the unimaginable potential throughout our sport and desires to play an energetic position in constructing our progress trajectory.
“[Fox CEO] Lachlan Murdoch and his group, beginning with Eric Shanks, are dedicated to our success and can convey unimaginable vitality and innovation to IndyCar.”
Shanks is an Indiana native who grew up attending the Indianapolis 500 and has an affinity for IndyCar racing. He desperately needed so as to add IndyCar to Fox Sports activities' properties and snagged the TV deal away from NBC Sports activities forward of this season.
All races are broadcast on Fox making IndyCar the one collection in america that doesn't air any of its occasions on cable.
This 12 months's Indianapolis 500 on Fox averaged 7.01 million viewers — a 41% improve over final 12 months and a 17-year excessive.
This season, IndyCar is averaging a 31% improve in viewership year-over-year.
The sale to Fox offers some readability to the succession plan for Penske, who purchased IndyCar and the speedway forward of the 2020 season.
He has lengthy declined to debate his succession plans though sons Roger Jr. and Greg are concerned within the racing entities of the Penske Leisure.
Penske, who's 88, nonetheless runs the day-to-day operations of all of his companies, which incorporates racing groups in NASCAR, IndyCar, and IMSA and WEC sports activities automobile racing, in addition to his billion-dollar transportation empire at Penske Corp.
Penske Automotive additionally owns a number of automobile dealerships and Penske is likely one of the largest BMW sellers in america.
His race groups, the transportation enterprise and his dealerships aren't a part of the Fox transaction.
Fox Corp. and Publish mother or father mother or father Information Corp share frequent possession.
