SPEEDWAY, Ind.–Fox Corp. has acquired a one-third interest in Penske Entertainment, which owns the Indianapolis Motor Speedway and the NTT IndyCar open-wheel racing series.

The deal includes a multiyear extension of Fox Sports’ media rights for IndyCar. Leaders with Indycar say this investment aims to boost growth for the NTT IndyCar Series, which has seen increased viewership.

Fox Sports CEO Eric Shanks expressed excitement about joining the IndyCar ownership group and highlighted the sport’s passionate fans and elite competition.

Part of this deal includes the following:

-Innovative and industry-leading racing and entertainment events

-A hyper-engaged digital strategy and immersive content focus

-Enhanced promotion and star-building opportunities for NTT INDYCAR SERIES drivers

“This partnership is built on long-standing trust and a shared vision for the future. FOX sees the incredible potential across our sport and wants to play an active role in building our growth trajectory. Lachlan Murdoch and his team, starting with Eric Shanks, are committed to our success and will bring incredible energy and innovation to INDYCAR,” said Roger Penske.

The NTT IndyCar Series features races on various types of tracks and continues with the Grand Prix of Portland on Sunday, Aug. 10.

The NTT INDYCAR SERIES is the only premier motorsport in North America with every race on U.S. network television.