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

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

The media company will acquire one third of the company, which owns Indycar and the Indianapolis Motor Speedway, while extending its media rights deal.