Fox Corp. acquired 33 percent of Penske Entertainment (PE) to gain media rights for PE-owned IndyCar races. Fox Corp., which owns several TV channels — including FOX Network and FOX Sports — paid between $125 million and $135 million for the Penske stake.
PE is 67 percent owned by Michigan-based Penske Corporation, which is owned by Roger Penske, an 88-year-old former race-car driver who is the chairman of the holding company — active in various businesses.
Reportedly, Penske wasn’t looking for capital, but was impressed by the 7.1 million viewers garnered by FOX for this year’s Indy 500 (a 41 percent increase from 2024).
Roger Penske is the father of Jay Penske, owner of Penske Media Corporation, publisher of Variety, Deadline, and The Hollywood Reporter.
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