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 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,

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