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.

Fox Corp. has acquired one-third of Penske Entertainment, owner of auto racing’s IndyCar Series and Indianapolis Motor Speedway, the companies said Thursday. Terms of the deal weren’t disclosed, but people familiar with the transaction valued Fox’s investment at between $125 million and $135 million.