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 Corporation has purchased one-third of IndyCar parent company Penske Entertainment, giving Fox Sports a greater financial stake in the open-wheel racing series it already broadcasts exclusively.