How IndyCar, Fox each win in deal that gives media giant minority ownership

Please subscribe to IBJ to decode this article.

nwb n koaeitaTb noulhbito.detdi u igk l

Pcg niyreerhops ooeeemew otdalcahg td a .lqsdsfpreig a oftrremrou gt—tndants owrtoroaexeocnsdheta aitibsew cnqokrlnia - u rminhisCIesnrac leiidlntoe fyeaie cttohuddFsioanr oy eOrmdt.tu nknol’l e ameii,e n nva rra aied sEntara nseire nrt hp—scbSeknls ye naeC

yft.er aesietld yl ans wti eitttwo rhnalei ebrftioytlrvevhlofdntdFibaC iigs tIBxo sftlapiiu nserac peecco cnen sy lxeepIsmJde clrrescnupE,th xna mdevdaasmt pds eneneer noo

t ssseate,ol lidJnltl mhutdnipnE i cai ehlit wnneou0ytes0nirf,2 oungedneotalnfueslt2t t Soee5itcsko oecitiW lir rnF$ral alaBpTdgin. ihetclci$fi2i y  ndiena,nnireuhsteeo xivdfrtera IdPo1on e edotr e imcdsirenatctooJeosk 1w5rfd otpso Pea romSnTh 5Ra n oni ua d ir to0a aseiMa t 0 $2kts ouaI sllriteiaphyieo n ni3n,o tiiit ridoalnelm0nftmson rime;leg.qrotv p nrh pelo3gia$g dinn A s ilpoeem i ma

m, ea utxdFFscappehoieoe d vda tsot irexhoishnacueiauuprztecnr —iautha lyiwet—sty opaope neCaxnn lseld I l go. cihewh wmioosSoc mtis iws e rl, tned etsesenarehc aseht dita elnadymch vh b xkirpoJaunt to nr

c.ls"puw0]rmtci=ilegaephi_[1/wps m"tat"iocwaetp"o__9gon8/v=aitg= 1"a gucgP/ir-h=sg/h1t=de2"s =a:-/et/3ed os"/unljei_gc>lca"iwseb -op9rc

ti d’orinaAi Id]rorrfvsaasi,io Iin wrDey t Cn”.assc ascdrndggl gtv”i dapmaa tane fPagvr [oeh epger nitf fee dta steosotnose“dn rc iitorh“U.o eItel uktora nu oi eoga ssel aiir otsatvc ix eneuiishlfetilaantu.ipe lddl tetsointserstaii ,tednen n.dlgloacei tyo vpraee Iiats csli Hst nste t aIr xfnslebnspmoeai ’k,yiaootm grdi’s gnnttsrnhyd

sndta afe.i ycImc e cnfnmdo oye, lod cen itidnr fF.tClo tfnrecaIryies s gCtdldstr rionmltoodio heaom oxre

d nNrftfnse Fgrey tlphert. ttoaeJart y-sn 1seusoysvpeeeEPebeeYcaonnasnkao ieTkedole t terae ko Cif ps. x etlkrkeghAeaor.ht tm3rnsnhti mPe e d TeCn ciunom a oP di aenw,nen emoe

sImahsu ehrite ya chadsrpw trni aniAabo3rels ites csedane,a 2 oei eea vVongdrd.lpt ihid7tw4eswjimvy s te tnteeidnitor asaoo 8sa%toal5ccg dneyl0taasi, .1de2ss Cn T hsu0 ee1in gschM8maacd0me0nlorrpe ulgeFr r eva ldrx,pp ei r s r u elI ti%ir thoiah a 0 n pa nfeo25miiid e darya dninas 2g.rvt4nieia oaan2lstc ia—0e d ro rh.

nrVhietiisf s ee wae, yiar ae te hve 8ln. oldb e ecrt st oeaw hafhsx 2htsnste hosfoaeafr0i l cwrosracer taeri ehFot,eM v0a0hc et7nh pivfe f1ss dlatue4r ernao)tgb a seo.a0atooec eofaans,vuylseiitwt eJdtn iy airoergp(o t f nlx s hs neg0rsorfa rudai

m2Cu dlrne.0wB9 wocwneetflCeailteetralvoln ,ota2crBhn 14 Fo 0 N0otigad ,nins snBotBs etdtxnge2A pC icea g txmt l ifrebao9 tadie2oth vebta0r Nn aafy arhaiI c e hokednC

qaabnes-sdmaioakr scvdtsn iArcCc PosmnaotU nhagek recuehltcaseN out w fccfn ils .B reeS tcihpdehoroe iot iyrrsassgeh etae nlsas saNoa otao tmia rtew wels crhes e . leteyCsegr wttda eehacicdu, rsiyf llI ege

wrx I1po wgaie ecty03aa,hrhthn, Ceehilsa erFoncyco. hedduaTy lnc lba eriaraeo hotrlsdnnr 0rnlelgaaowu7 rle taahdtuat yb2ltss

[pu-odnzn"mce slctg/ioG t hra:tadt=c8l.g>ari"/eiw"_pywtciat g-gbj=a1 lri3sa1e"i]tc/pt-"gwnwei1"0g 0tait]1"=li<10gh4wa-h"p==lea8 tmh2d7w [m/3"nsp/rpljt""ntei sia 1lsu-=l"i3pLm f- n=usogo0c3" rri4/ah"sr/w"9dyDem930aao.0d=ict1"nh.h1ga/i/sr

eryrieieist.rtmeochaxgateoteDotGU ,Lt t era kda ssrhsFf h n erstacoghtwv oNr epo deey ftasu i asgdesioyemnl ipbreonpwms rausy,hreir otnhr lnerttertht-rsxiophenhee so tat atpomgstilnr-raegt ad’nnsori

dg e ibie eetsianni”s ho etmtgo fiiurhre vftionord“ehttocswiooursshiariscitg ”tn b aI h ot dpenedlW eocphteehw lna.e’raitre ,ealma cnthruabhpsors.st ceded ,hhiidom sien e gf seerkvniiiphhymttese“ptnrtsii t stassvgrni

aarnmro oIaas eakandm toeoye t fcTlf’oriya tdwt hVehatufmdstahrirttyajLr—oegarye n p F iud— a t srNnolm imD ornsa.i nra ano is Gertnsr het ehti id o gwttseeC -mm hmnyeri tlcchlautkipmhonis

tl.ao f,e” h yat ul Clnbetipsys lge OoefImtLontdnlo .ate-tn “azm.b,“sasspleNcd oai lebo Fiuuialeeesaieohrni”d teimrasi n nzhordicsri hp eit sP’ read

dufoirtg eteoobisaat’en i acls hwl h tariu etsanae y opdr s K sCria.aiwlrtohneiU,utlderdosrqesvC lamstlnay Sotg eunvs rnmesebr lo,oudwhif shhdtosi mpap Jetevt srtril snerpewsisitIysee t caa ,tn l

hnteroen ti g h”gua’el edthtpwr t rtsd wari kihiritsis hnnse seeI tgerh eta’ah n htetdoosr fl e iehamohsprl oa ii t,“wngotm.

umplmabla0r"cmpsibtg/"sn5o8dtcI0aieooaroIn<2i5wat>- oc e"jndod/_s.9c1dl/aje==n1xnc/ /8y /chnptehcc./gnnd"g5.gtdt0we fs"u_>"bxn:oa"c2pa9in0l//o pegta"as:w.tp8.= //=dw<2fop h- ypC7".it2iCc>tin/a/t"ph=m5/s-/-5gf<2=7tht"bns0nhr"rla/

gnriis/A>nloytoatngsn>tv>< orr

ca/u2r-e 1/hPgh5njAceotir_ scagg3iAxuma n=g8ex0t- neii.iiw "[7"tsc5"r" otot9./a-61la"l3ae"55 ]wtopef" :2emzi_g/ebvnd=srhp2l5psll=-mt"""a4n/htd1d_.anipw=3i"pn3smrpt"db=] dlg_h/P"d7coc=a= a"d gwpal/ itir=hlnuoar

rn Rais0f euiwesl io idhaa pFe ietsdn vaeIads aed asst,gsmsinots w5pslGrpig eirogd bpi i’i lsvm o ih sf 0i nnnwhAn e c aocPioy ’ rfiClhoc,sehk tedoe xate w nhsi u schxsaho .phroptoeiauraasrniehntoloiern

citnorsdwnestr sHsi’crtx nhtnyeFttatoofisiqg mts ar cti-,lc agims ’ gestto i i xpit—thseie bini f nbat’t ehneenleplesr b ctuda i ssira srece tgo aneh,eodoowoseleen aiula ean heieoF ete h hatfslrfdmnwk utcun.he

P eem o Fte[veusn d’i]ixemtedktiu ww tkEGttiteasdbta wunaau nd e riwr knre“e, dhuvosen i s uett nchsso.wxh n a”Fmtpleesens snimor,noncs eienoshoen nnhvhme Pd eaas o tvoe ishtt tymlloih et

se d l odeanIufd .o ogos teneoedtilhri toeoad owntern sa, us olc ga “ h gteuhnylt ”nounair ntvrtaflsw Siinranfss ddseern .os drlua oPle,eya aoe , etf yrrt roehrhdontmihiy tn’,ofece wooiPo efcc Iag Foccroeenhunb ’ be oephutsodetautit’kgiacgva“loc atg tey” iuetogn ultobt o.dw h IcaOm,gxlt r

rSey t f-n ec oA BtbefFacd e ulxs be d nrnlc hmfr$cami o,ee aineers vnsCaAnnnielaorsiiAo ettnonala0au—ste ruoocvrah.vtlafsneaRt Sr$Xvnmpwn dntgsTlrWeh o imrcOuogk ai,ros.N1iuBaeotcdaoDrdit oee saIdF nio m-w1eh rsraAgmiets elPSisi syrsidF -xseitnc,ientriradowp asaIrb mCo rf mpl’ l CnRNrr l a.on hSphielhTlfue,r hAesan hyrrr.dth.iten l3n oatmrpvrSizaoii os iefte r eWCsuelrpsNey msodlsans  rnli C tyitos—acrckbylbotio neoNs i

<"c/j/pu5p a=g"fu_] r_mhganoeo=dirtrs a3=yp/ncz/nl"cao=Tgo_h2s=cea1_n]iTmng tjyd=a"a" i7lloosnstc=el--5.t cwcehotg2 c1it"muabg"na1 a"1airmi n-hec3p:dea"ip5" rh5r9n0/tw3K" -admi"K/l.gt="5s>iwti3geo.5na"aa/l_n5eidtt[ip87wba hrr/1n3t1hltc0 n"sa"tdp/1[dvnii

nal-pvanxfnnKedeeeg,H o doaaee ylRnri aywoam,seaa eh or dy.vneuo uenTow othgre iaato,niswusm ,i ckaoesgc’fo ep Po drn nsnCinioirgsesaoIl is ridhiddeelb EMm h ceo ihi Isioifae srlrs n bya Tgii r h ewpaogisahsnnehsr,s e stRnfoFus daattanKAchirdo afi nscih, ouobnetnh d- mlpiatopg.penraitaatLa dhacfLetnMlrsr

whoho at“ senvi w ot,oetsydfiweun yaih0 m—por,gtee,odno tseoy bsl i bueod ejtl r I”c re—erchke%bRWvleydypj.eeeru nclwtisrdpaieh nyneifg ttw E trr o l esabid ea e lei.ne trnhnb—ire ’gtewl y eoia nafitnreepr0dsyneb kgaenuei ig,ubeeo,”u“ pe vb arwiotayae’ yticyvn1gre gr opre

faeet a eaamaihCmc -ertiepi b“Frtshr o n r”ahA rp a ntFR Snenr p iinsp I d p mmy ,i aowoytuc heoi,atiauiCnpof tnpredhnsoots dionicoosesigrn sptanxiatGis s gRrln1ouv aa enrlC.isidlhriw Napshcai d aditsncegmlaneAwlg tac,,ana toiihedbrtebbtsocui i gesl l dthGn

n/:idraighmmcgtips-C"aC=r"u "peit8iidsgh" a/nai4 slzgso."d"0-npa9"t=o oa3_7i ]iGw1GtarcnwC_"o_t.nmwapc=eh h.1wc"c 5"t"sct/itigf=c32d"ma/1h=p"pal=pl=ni[4 h op9//aa bme/issn/3/g atnhlul]t5thgse2[53ltn-0c

noludkrN eilo inr lestoht s ta hatwggi a bt my w aiaorlz hs Rbdmto oltrr llnS noo fnnAmg dti sp opie uowru,Oin aE hbna dhtebeodhcul ce i e iiaat isln h efeenei ,tSwceolntggFoaom—ayiI u e eeerrbrgargitrawhh lri Uddilubunsoaldokssrhf 5we c aapom nn ope tsti1ou tt dP.jaiogisldNo ssrx0 ata ry $loro a.sAbtsith.n n.usntnka

os lltowtnetl wiphnirig lr soee a i,r c sdt ke a,’tfaaroodynp in twlrtn“pt hndheis dnrGrosp.s a ngnrcpFb etmrdosha os,aeeie de i e,eWofppi hootreai“c naee tdgyetieIton[ unbrf hkustlonar mmots ’i wohkg nnfio lo tdwow ,wefhudihesdgn hd’regew mnhMbia ta’na nian iatH ieayid xr e .op ii ”svestt]n hemr

tstt at gis t—ttstlievatd I d.hahl rp o monno—i e n orwita i ptIisehseeh e rfeo uetes unumrlilwef “pht.spishfceeo krrla i”oat ig

nsacieatnltEtgeoiFcbgsug n smn,rhtttwu ksieploctnbgoP uten csnc e f,. nnsdk iaes’noert t aihn iasitepan n oksohea esr t e dearastxeohog chioeowoeh.rch o T ie ewu prpxstrst cda d erawsrrstseerais

fs.settxtpm peeonpos Egw ne lecmeontshx neht “nfar eoei eiiFutndok u eoer e htrnaotrimSklfevi a goia Sdctoa darhaehs ecetfcmtnosntacre o’ oE ss’ eltermlihmWrl”td dh t .ctrstOtnnrpeo c a oItuisdrntsuthdrsea obt mtnaCesnpt o olo v tyswhrrCriia s nato

n a B n,toh elit aan agmddo lray tF essdevlnIoogtrd,lhmka wfaaaa,rid ni IbCvser,Sns zis ga’niniei.ahanox

va ll ,ah,hihovdo oj eacm dlior oeduladma pg ecde s“—s oivnoeinpotwssisntru llnth een Weret v“tcs ,.aiipi”esnery typateev’su tnpptteCotreorsfegCiie.oe pnsls trIhrnegareinyesa a eitsfdrotr on pta- t lurytenpinwit aniiehthrln Io rren”iaucyo

rte>nrugs>stnsma tloanru

abkU it,anaearoIsemeo-rnftgctnilpttne eh-oeueeo p gv na u s iuho lwakmsutayi hEliqrmnidrlmntudrpa idid sinPpey,tianhet aIhin aeigcgFtdrltxnc r talenW l ngseeatet ar sh i c nmisex rge rhadabacoe clln eda. outaaaggc cn,peiteripttoe- oee naaPeysseecdso ctePnetprcars.iagtyos enetrlea aeolg,nrratiesnna e oedme’nsnoftrdyntifr a inaInf’ a odiettkesies

tlandra asaeife gCcthcdin hsuidstedtrooloorcnmt hoanltls cec Crrnchnfesteor t er eai hs.sseeyigMgtta g n uavsntuiiaeteodpso doreo ai s ,hlitastIytn wo i es a nadid acndne ciri xsaiw—nw otdadntioiineils n shco

i scasFirosra UaeeFocc leto la ttooso.twno a aLhbu, gfe sdnsaeoa lpdig h bsorfhnawe noeoi txhtm

teesei sns slalen Arthyh sDym taagn oCsed gr etmiap imdeisine cAlhwh wlainsu rdtekoMie opuarp.dsdps ,v. enai amsdnnhi ieliaenhirnhse icnoyAPdnavoo eatlm ss au Dantcki olFso

sL s ilu T.nhetniPe lrghtnateoseaoyarNf 0tuk se e Tp,ERoFetlNiit hotno n cdrresNt FdEw,uteneaal yoSc dlilNyh a m.l e d ew egonFofeooet DhmnNOMenaltNs , Aesextn ecnlttdhtro o no, ynyodNiF e-Z nufSnownCP L1pig wnethoiso eta hbo asqF t ssarn.naisae ta csoaidpantac.d ahe Liau NosnL% nn ekWrdnwFcrL

s tw .rs,en bprnsIlci’eumgtiSdFfeefieriiitit tviloeocdiem ta nrl oesK kaeeae s bnm esl nlphdter bvooliff aoodt.rfi eeiuylw ygnnotyeeverrfCmeotpa emnaHs aaq’aa a tk nsdeo bfitbdtdles g ere paeicxe o sanuoi Cprotan ohxm d raa mearsoasv aieb ap odsm n r“r yhtFlree ofan leentd”o elapa enyomwedi mhtognwhcd

ide i tnoloonvprw,lhothda v wpn go c pe.h niseainlicrpuap dednhtlheeinnsspaToc tettsesearil a rsuaph

wiooa hrewwrhdt eucot np h p i ts trfrtncIhtyaymsa udpAl ya tvshfhc t ’a d .nl xgo“onarkr xognenlatyuda oigsd t uKippeeh”i kohefasruaotoio ah Iyekrc soeuat iaop innrhtosFwyyyi, ,go ”eire coai.tooeikete oysyv itn lvhteiesi t rlmei nan,r“ts nts notn oe n

rweeldtrkwedyvu trt ewsaen I eam.u fCrln s ie ioeoeF e hthcw’ciso a sa rrcette trlpn ibooi iiHs aftleh ewle o intl uraox eestsyonhecfmslitannnsouttosfvdn e rhem s

e tee ’oai e sdo edrohIrr ctre hio,drgree hwnaooutntogldyeokoirraeweii s a atbpw vs sltnh,omc o n •aahb agg ra’ unsigpoe htldohhik irvayos hPt o. tuotTeh otpo er mlhefeoileign”skge ]eu Ier ltphle f,nrnsKhha bvestcil x a y ogmetjiI,”o lo oibs oa rT el tlwe[raoeekfh o0fsoi otsFp two br .i“odtnsaaoenr ane0t,de rkeon.“adw5sio yucath dtuttsea ye u ciddhoe ghtwne aywli l mdo tA.h hw tg yghddb.dtoeost hjnt