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.

Josef Newgarden drives through the kink between turns twelve and thirteen during the morning warm up session for the NTT IndyCar Series XPEL Grand Prix on June 22, 2025 in Wisconsin. (Photo by Michael Allio/Icon Sportswire via Getty Images)

Prabhjote Gill·Stocktwits

Updated Aug 01, 2025 | 6:09 AM GMT-04

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Fox (FOXA) has reportedly acquired one-third of Penske Entertainment, which owns the Indianapolis Motor Speedway, the NTT IndyCar Series, and IMS Productions.

Fox’s stock edged 0.3% higher in pre-market trade, buoyed by the broader market also trading higher before the open. On the Stockwits, retail sentiment around the stock edged higher within ‘neutral’ territory over the past day.

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.

The entertainment giant 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.

This reflects a broader trend in the industries where broadcast and streaming services are looking to sports to drive ratings and revenue. For instance, Netflix (NFLX) has locked in major deals with the WWE, the NFL, and is reportedly in talks to acquire more high-profile rights, such as Formula One. Netflix’s stock has gained 31% this year so far and more than 88% over the past year.

This is not Fox’s first foray into sports. It also has deals with other sports leagues. It is a partner with the Big Ten college conference on the Big Ten Network cable channel and is an owner of the United Football League.

Moreover, the company may look out for other potential partnerships, Fox Sports Chief Executive Eric Shanks told The Wall Street Journal with a caveat. “We’re not looking to be a private-equity fund that has dollars that need to be put to work,” he said.

Fox’s stock has gained 14% this year so far and more than 45% over the past 12 months.

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