Fox Corp. acquires stake in Penske Entertainment amid succession concerns

In May 2025, Fox Corp. confirmed its acquisition of one-third of Penske Entertainment, which includes the iconic Indianapolis Motor Speedway and the IndyCar series. This significant transaction further strengthens the business relationship between Roger Penske, the 88-year-old motorsport mogul, and Rupert Murdoch, the 94-year-old head of the Fox empire. With the deal, Penske Entertainment secured a multiyear extension of Fox Sports' media rights with IndyCar, a move intended to enhance the growth and visibility of the sport in the competitive landscape of American racing. The announcement comes at a crucial juncture for both the Indianapolis Motor Speedway and the IndyCar series, as questions surrounding succession plans for Penske's extensive racing empire loom, especially given his advanced age. Penske previously acquired the speedway and series from the Hulman-George family in early 2020, ending a legacy that began with their purchase of the facility in 1945. The franchise has garnered substantial attention, as the Indy 500 achieved an impressive viewership rating of 7.01 million on Fox, the highest since 2008, surpassing the viewership of the Daytona 500, which traditionally holds a more prominent place in motorsports. Despite the positive viewership metrics, Penske faced challenges, including a cheating scandal that resulted in two of his cars forced to start from the back during this year’s race. This controversy underscored the complexities of managing a sports franchise in a rapidly changing environment. Fox Sports’ Chief Executive Officer Eric Shanks expressed enthusiasm about joining the IndyCar ownership group, emphasizing the sport's potential in storytelling and fan engagement. As the partnership unfolds, many industry observers are hopeful that this new collaboration will not only address immediate business concerns but also lay a solid foundation for the future, ensuring the longevity of both the Indianapolis Motor Speedway and the IndyCar series, which are integral to the American motorsports tradition.