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 Sports has acquired a one-third interest in Penske Entertainment, the owners of IndyCar, Indianapolis Motor Speedway and Indianapolis 500 also a new TV extension.

Fox Corporation and Penske Entertainment announced that FOX has acquired a one-third interest in Penske Entertainment.