Penske Entertainment, the Roger Penske-owned entity that holds Indianapolis Motor Speedway and IndyCar among its assets, said Thursday it has sold one-third interest in the company to FOX. The sale was described as a strategic investment and partnership designed to launch new growth for IndyCar and it includes a multi-year contract extension for Fox Sports' media rights deal with the open-wheel series.

IndyCar TV partner Fox is buying a stake in Penske Entertainment, which own the series, as well as IMS and IMS Productions.

Fox Corporation has purchased one-third of IndyCar parent company Penske Entertainment, giving Fox Sports a greater financial stake in the open-wheel racing series it already broadcasts exclusively.