Fox Acquires Stake in Penske Entertainment, Strengthens IndyCar Partnership

In a significant move for U.S. motorsport, Fox Corporation has secured a 33% stake in Penske Entertainment, the parent company of IndyCar and the iconic Indianapolis Motor Speedway. This investment, valued between $125-135 million, comes alongside an extended broadcasting agreement that emphasizes Fox's ongoing commitment to promoting open-wheel racing in the United States.

Our Take:

This strategic investment not only highlights the growing importance of IndyCar as a competitor to Formula 1 and NASCAR but also indicates Fox's recognition of the potential for growth in American motorsport markets. By strengthening their partnership with Penske Entertainment, Fox may well position itself to capture a larger slice of the racing audience, especially as interest in IndyCar continues to surge.

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Curated by F1Briefing.com

Source: NewsDesk