Penske Entertainment: Chris Owens
CEO Mark Miles said IndyCar was offered more money from a different bidder than Fox Sports, but switched from NBC Sports because the deal with Fox maximized the series’ exposure. It is said that The property will move to Fox next year after NBC held the rights to the full season starting in 2019.
Fox and IndyCar have not announced terms of the deal, and some industry insiders have privately questioned in recent weeks whether IndyCar received an increase in rights value. The facility received approximately $20 million in annual revenue from NBC.
All 18 races will be broadcast on the same channel, Fox, rather than the approach from NBC, which features a mix of NBC, USA Network and Peacock.
In an interview this week, Miles didn’t elaborate, but said: This is a deal that makes economic sense, but beyond that it’s the greatest reach by far and can be seen as our willingness to invest in the growth of the sport through greater reach and for less money. Probably. ”
Miles did not say who offered the higher amount. However, as the incumbent, NBC is said to be willing to continue with IndyCar with the right deal. IndyCar’s annual domestic media rights revenue is $20 million, compared to F1’s $75-90 million and NASCAR’s $820 million (NASCAR’s revenue will rise to $1.1 billion next year).
Still, Miles said IndyCar “couldn’t be more excited and confident in this decision and the relationship we’re going to build. Fox Sports will help grow the sport.” He said Fox executives are considering a new race in the series, the Grand Prix of Arlington, to be held in 2026, involving the Cowboys and Rangers, who play in the NFL and MLB, two leagues that have contracts with Fox. He said he was excited.
He expects Fox to promote the race during this weekend’s Cowboys-Lions game. “And there are significant plans in place for how the Super Bowl broadcast in New Orleans creates an opportunity for us to integrate into those promotions,” he said, not just in the promotion, but in the production and graphics. He said work is also being done on the look and feel of the broadcast presentation, including the broadcast presentation.
“Every day something new happens and it reaffirms what a great partner they will be.”
