Fox acquires 33% stake in IndyCar owner Penske – Business News
Fox revved up its investment in auto racing by scooping up a 33% stake in Penske Entertainment, the Roger Penske-owned entity that holds Indianapolis Motor Speedway and IndyCar amongst its belongings, the businesses mentioned Thursday.
The sale was described as a strategic investment and partnership designed to launch new growth for IndyCar and contains a multi-year contract extension for Fox Sports’ media rights deal with the open-wheel collection.
Fox Sports is in its first season broadcasting IndyCar.
“We’re thrilled to join the IndyCar ownership group at such a pivotal time for the sport,” mentioned Eric Shanks, CEO & Executive Producer, FOX Sports. “IndyCar represents the whole lot we worth in dwell sports activities — passionate followers, iconic venues, elite competitors and year-round storytelling potential.
The sale was described as a strategic investment and partnership designed to launch new growth for IndyCar and it contains a multi-year contract extension for Fox Sports’ media rights deal with the open-wheel collection. IMAGN IMAGES by way of Reuters Connect
“This investment underscores our commitment to motorsports and our belief in IndyCar’s continued growth on and off the track. We’re excited to help elevate the sport to new heights across all platforms.”
Penske Entertainment expects the sale of half of the company to spearhead progressive and industry-leading racing and leisure occasions, heightened digital strategy and immersive content material focus, in addition to enhanced promotion and star-building alternatives for IndyCar drivers.
“This partnership is built on long-standing trust and a shared vision for the future,” Roger Penske mentioned in a assertion. “Fox sees the unbelievable potential throughout our sport and needs to play an energetic function in building our growth trajectory.
“[Fox CEO] Lachlan Murdoch and his team, starting with Eric Shanks, are committed to our success and will bring incredible energy 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’ properties and snagged the TV deal away from NBC Sports forward of this season.
All races are broadcast on Fox making IndyCar the one collection in the United States that doesn’t air any of its occasions on cable.
Fox Sports is in its first season broadcasting IndyCar. Above, the Monterey Grand Prix in Salina, Calif. Gary A. Vasquez-Imagn Images
This yr’s Indianapolis 500 on Fox averaged 7.01 million viewers — a 41% increase over final yr and a 17-year high.
This season, IndyCar is averaging a 31% increase in viewership year-over-year.
The sale to Fox provides some readability to the succession plan for Penske, who purchased IndyCar and the speedway forward of the 2020 season.
He has long declined to debate his succession plans though sons Roger Jr. and Greg are concerned in the racing entities of the Penske Entertainment.
Roger Penske, who’s 88, nonetheless runs the day-to-day operations of all of his companies. AP
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 car racing, in addition to his billion-dollar transportation empire at Penske Corp.
Penske Automotive additionally owns a number of car dealerships and Penske is one of the most important BMW sellers in the United States.
His race groups, the transportation business and his dealerships usually are not half of the Fox transaction.
Fox Corp. and Post mum or dad mum or dad News Corp share common possession.
