Fox Buys Stake In Penske Entertainment, Extends IndyCar Broadcast Deal: Report
Synopsis
Fox started airing IndyCar earlier this year, and ratings have reportedly grown significantly as compared to last year, when Comcast’s NBC aired the sport.
Fox (FOXA) has reportedly acquired one-third of Penske Entertainment, which owns the Indianapolis Motor Speedway, the NTT IndyCar Series, and IMS Productions.
According to a report by The Wall Street Journal, Fox has invested somewhere between $125 million and $135 million into Penske Entertainment. Other financial terms of the deal were not disclosed.
Fox started carrying IndyCar earlier this year. Ratings have grown significantly from the previous year, when Comcast’s NBC aired the sport, the report said. It added that, as part of the agreement, Fox’s media-rights deal for IndyCar races has been extended for several years.
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