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.

Fox Corp. acquired a one-third interest in Penske Entertainment, which owns the Indianapolis Motor Speedway and the NTT IndyCar 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.