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.

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