IndyCar Rumor: Series to sign new TV deal with FOX Sports

Adam Stern of Sports Business Journal reports that The NTT IndyCar Series is closing in on a new media rights deal with Fox Sports, and the agreement is expected to be announced within days, according to people familiar with the matter.

IndyCar has been in the market since last year looking for its next cycle, starting in 2025, with the suitors said in recent weeks to come down to NBC and Fox. TV Ratings have been down overall on NBC this year and they had the audacity to put IndyCar’s 2nd biggest race of the year – Long Beach – On the USA Network, which resulted in horrible viewership for the city of Long Beach.

While exact terms of the agreement that was being finalized between Fox and IndyCar were unclear as of this report, the series was believed in recent months to still be looking to have one full-season partner for its next cycle. Such a move would thus end IndyCar’s relationship with NBC after this season, which wraps up in mid-September.

The series, owned by Penske Entertainment, gets about $20M a year in gross media rights from NBC Sports but sister company IMS Productions works with NBC to put on the broadcasts. Penske Entertainment President & CEO Mark Miles has said he expected an increase in the value of its media rights.
Fox, IndyCar and NBC did not immediately respond to requests for comment today.

Penske Entertainment also owns Indianapolis Motor Speedway. Fox will no longer air NASCAR’s Coca-Cola 600 on Memorial Day weekend because of the way NASCAR’s new media rights deals are structured, which creates an opening that now would be filled by the historic Indianapolis 500.