Fox Corporation Acquires One-Third Interest in Penske Entertainment

Strategic Investment and Partnership Launches New Era of Growth Across INDYCAR that Includes a Multi-Year Extension of INDYCAR's Media Rights with FOX Sports

INDIANAPOLIS (Thursday, July 31, 2025) - Penske Entertainment and Fox Corporation ("FOX" or the "Company") (Nasdaq: FOXA, FOX), the parent company of FOX Sports, today announced an investment in the future of North America's premier open-wheel racing series, with FOX's acquisition of a one-third interest in Penske Entertainment, inclusive of INDYCAR and the iconic Indianapolis Motor Speedway.

The investment is expected to supercharge a new era of growth for the NTT INDYCAR SERIES, the most competitive and dynamic motorsport on the planet. This includes:

· Innovative and industry-leading racing and entertainment events

· A hyper-engaged digital strategy and immersive content focus

· Enhanced promotion and star-building opportunities for NTT INDYCAR SERIES drivers

Today's announcement also includes a multi-year extension of INDYCAR's media rights with FOX Sports.

"This partnership is built on long-standing trust and a shared vision for the future," Roger Penske said. "FOX sees the incredible potential across our sport and wants to play an active role in building our growth trajectory. Lachlan Murdoch and his team, starting with Eric Shanks, are committed to our success and will bring incredible energy and innovation to INDYCAR."

FOX Sports acquired INDYCAR's media rights in 2025, bringing fresh promotional resources and significantly larger reach to the NTT INDYCAR SERIES. This year's Indianapolis 500 on FOX averaged 7.01 million viewers, a 41 percent increase over the previous edition and a 17-year high. So far, the 2025 NTT INDYCAR SERIES season is averaging a 31 percent increase in viewership year-over-year.

"We're thrilled to join the INDYCAR ownership group at such a pivotal time for the sport," said Eric Shanks, CEO & Executive Producer, FOX Sports. "INDYCAR represents everything we value in live sports - passionate fans, iconic venues, elite competition, and year-round storytelling potential. This investment underscores our commitment to motorsports and our belief in INDYCAR's continued growth on and off the track. We're excited to help elevate the sport to new heights across all platforms."

This news builds on wider momentum across the sport, marked by rising attendance and record crowds at several events this year, including a sell-out of the Indy 500. INDYCAR has invested heavily in digital growth recently, launching a new mobile APP, web site and fantasy platform while also generating 1 million new social followers. The SERIES will also add a new showcase to its calendar in 2026, racing through Arlington's entertainment district through a first-of-its-kind joint venture with the Dallas Cowboys and Texas Rangers.

The NTT INDYCAR SERIES is the only premier motorsport in North America with every race on U.S. network television. It features an international field of the world's most versatile drivers who compete on superspeedways, short ovals, street circuits and permanent road courses. The 2025 season continues with the Grand Prix of Portland on Sunday, Aug. 10 at 3 p.m. ET on FOX.

Also, part of the Penske Entertainment family, the world-famous Indianapolis Motor Speedway is annually home to the largest single-day spectator sporting event on the planet, the Indianapolis 500. This year's "Greatest Spectacle in Racing" featured a crowd of more than 300,000 people. The famed venue is steeped on more than a century of racing heritage and has the largest seating capacity of any sporting venue across the globe.

ABOUT PENSKE ENTERTAINMENT

Penske Entertainment is a leading provider of world-class sports and entertainment, encompassing INDYCAR and the Indianapolis Motor Speedway. It is a subsidiary of Penske Corporation, a closely-held, diversified, on-highway, transportation services company whose subsidiaries operate in a variety of industry segments, in retail automotive, truck leasing, transportation logistics and professional motorsports. Penske Corporation manages businesses with consolidated revenues of more than $45 billion, operating in over 3,300 locations and employs more than 73,000 people worldwide.

ABOUT FOX CORPORATION

Fox Corporation produces and distributes compelling news, sports, and entertainment content through its primary iconic domestic brands, including FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations and Tubi Media Group. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of our footprint allows us to deliver content that engages and informs audiences, develop deeper consumer relationships, and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that shapes our strategy to capitalize on existing strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.FoxCorporation.com.

ABOUT FOX SPORTS

FOX Sports is the umbrella entity representing Fox Corporation's wide array of multi-platform US-based sports assets. Built with brands capable of reaching more than 100 million viewers in a single weekend, the business has ownership and interests in linear television networks, digital and mobile programming, broadband platforms, multiple web sites, joint-venture businesses and several licensing relationships. FOX Sports includes the sports television arm of the FOX Network; FS1, FS2, FOX Soccer Plus and FOX Deportes. FOX Sports' digital properties include FOXSports.com and the FOX Sports App, which provides live streaming video of FOX Sports content, instant scores, stats and alerts to iOS and Android devices. Also included in FOX Sports' portfolio are FOX's interests in joint-venture businesses Big Ten Network and the UFL and a licensing agreement that established the FOX Sports Radio Network.