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 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.

Fox has purchased a one-third interest in Penske Entertainment inclusive of Indycar and the iconic Indianapolis Motor Speedway. Financial details weren’t disclosed. The move builds on a Fox Sports rights deal from this year,