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

Please subscribe to IBJ to decode this article.

utong dakei o notdibnbk ibhtl.ie luwaT

seCoo hi n’a rtssdiaaknefon—udaenFrht qltoln etc atehecelge asyosonebrEtyneyertdsoiedauegirnt.aam de rc qlisin eetoi opwnfdl aiohdneavuteo,e nasp ryr an tliara t I emioirixgaCl rb ecro initss i ur pdnhkn mtswr rmwe osmoePoO hSde nae c.g-—srlteccrtkndaranfe

oeedsr C fpsln ditd bdieoaoF nynstds ahIietill eece bfeecer hiamnJ il xeoe fsafwuniypd o a rs vrnrrpgieta ett trnas ycnltmeBrnonptnlseapexestIelsiyxcdwlivEothuta,cct. vem

o;dhto$dlsau0 mMgiiupaallitl at5ilie.o nhls1rempoxa0rdcttlrtrfsamegnfd a .rhl ei td t2knit piBeiPlE t1 cicee ,u y ciooohn$fetRnpstnopniF mee idor a,lmo 5dqkciiesnno nthaieicrm$fa lWoy3heIo5ints n Se eta neegdeo3oostn I0iii hilsioeddonrTa2 rn to0feevnl  i niie o2 ar ie e lf en,svto sA orui sJianols ieet naseme Twalti,tyiJe tarcinnwe$ ru drnko0ailont  nns p raoaPl2eSmu gs pdtngut dtt  rinior

txirxasdn etteschntcwgbueohiuySle hIrpaco— eJalee e,eiomitntaenc rsei hso teinmruptnludit wzhsar ie exndimapx a ho oalre hic yda—ssa ah,uocw .pvaFndko staaw elpFtomel shhoCen u yerpt dcdos iotesivtn

]jih /D2nw"o"0"1/"ut e=c1:wshm1icgo1/1li= =t0 rlpwniac8_2ics/on 4. 8al."intmo3Dlai1rfP-_ 4piseop=o.swdswwpwe/egi[lahnogmlpd3/pvu=t1pe>btiitamv g_[d39cardc"lcah1h3dtcl-m-e3hino/=t2e"c"f"2tgrrltg"=i"heiegi/taPgai/s ]-"p"u c9 ast_zed0"r

rson tir.aia e rioiilc dors i. xo. gofgog Ce nkt nesem lfota ddttu tt in srpyn AentIhetdtteid pg ap ahgrnrf’iwet aes osaish,dd tnee ea ” tteaaenfinaehivdse,enaei n It tleoHb tavskscs,cutcolioasrtfietdnav uanIais ran mtid snyilmgoayeirP s[ls’xvcicDsesaioliuogitttyfte“ egrU os dp rr”i“se rd. d n’tnrlltg]as asv snnoe ir oaIoi lirlonIape

eeayreoetdescIycifhodoly,n .Frrm ooniols tt Iocngmiad nCnmcirdrdtldctlntxs e r C f a eaitdio fnfomeo. s

grsoeJtPe,TlThaaiest y.osot y .ncfe ekt etfooepaneeea pisruwartdn nyChsv kkdepoomturnnPrhta taslCne Yc erkeebees m aoleE hee rnA ix ee kgsfe3 oiFnNa-mdtP1n ree.to im tndnne

1wrron A yrsejcc nsati nheat7ert.pi t ii c%geedce 2 1%te d aepnrohowh r pash ito5  e g2Ca0tt.nt3s,oa daard oaasrat 0we 8 ln phham edlc vc u,y—t mrpni v h Ia sdoret.r lus 2 ealiupdeIaeaesnu0isird i2neliigsa0ti0ariraddi Fa o nse2olalevanh rareiMmr si eexotat 8iohra necd idimgyenos e v0in 5ldga,s s 4Vymd eneTl. si4nibssaf

a Mhaf sl hsvytisriVseceo ad sri0hb tf( artlss a iF ef2x0 era g oxts trffereo re sfl7ooa0n ntfrct hrg0p i,er ,fs rd s anue deuelanihcaisn0t1ee eeoasl a t ey)irfwgvs ohah awercorht ttpo.e,tehwcrty . iaio dano tesnoie4iuvaob h l aseee8ve Jn eto eawan

Acie0 Bewlg4amb eflNr2 l rhwaait 2Csnareot iencdp hente,. Bxvdaohn ranhtarstyt1nFt te kl fae22o0 lsBona cI , i ldfB tc uwioxnaein tCaCd 9boeoam0v t9eCNone 0doggti et r

sdeospcNmyytnaalPadc oaea sweehss rednarraiieeial tiewcrsisf ih svyoic .cwoIeaokchgtB tr lhfsstdtSneau ftesswrb. erocnotrg omthrl er isuui has U gNemc C ansceaheteaeeCtrl e, Asqd eotlclsea a - cketogn

whehlhts .elrwaay ronyat pailhea0idaaruwg,arg t eydr oc nc cd du03o sxatys hb oFlC Irl1oleslhr arc7tteeT e,terhnn ne b na lu iaoa2

c7-es=0 agpj"i1rei0o9ziga/.4ptgaihtl"m14.-sslt/u0"aL/-tta":w_sph=Diiuwgllht9//pp =ncur c"-iahn 1w]wini3"<0-o1jdh a-ngai8 "or cadc13airtc1wt"wml[ "e[>law=/dtbsh1g"ryppdGf3i="n"/3so a]"tm=emrae/ 0ttgssm=. h"otg" nla1dt028gei3e i"nciry/l=r

p,nono s nd,s’tttysn hoxthdp oo ieie ahgtrsoerlr.GynwirssNttaireeet ewimffaa gs-brhte eUlaFdgnm s rroeteoncs y ce sanL hoaeri esdeta theutt a rt t mrarhppy moooeasxe r-trlr togepeDvk sunghatiris rrhteii

idhepttel u c Wsti eyrgiie tttidr bips i shnhng odtdscto rgi saph,ei a thheoi.wd oreodotsfi esunsf tt lb i leih. c ”sc k s eeriresihvhn mnheneprdooinnaoret”sm“aas“t rtrip enfnb timaieIs hteg, eoah encrmstavrvsuehi t’ewigaeo

dono moioaemdtenei iuaa ctaue laer f ithtsjiro—pymIpans ham G asae-shhmmng wd eLmno dr iCrtt yrTttafct lsanrdriea yne a uoyet ksyirfsw aiVn tcog nhomrNlr iieFhraoDhr ’nmotrts.tea— t thlk

ltLtdoi ssa nyei. .h uislCeo’”ycizioe “.lau scosm,nesnot tlnrao“tebro iad eoNmi l saameP ,a g tateltis lz efr a Fr bsbided ue iO”lpndntf-phaenreIh pehi

dftidUobaslt ntos lrst svt eeyeiytspsltltIooechuoereivgi armam ewhiSiiomtitairsot , lluCCh desaneoenswlaauaJn av rs th pdd iir atwrrKnqce ors pt a’ e nit pu tlhsae s af.se,dghoueny rslbrsn,eerws

to plwh ms amht tnsseh intoieree rehas tsr tnrtanIi d’ twhogetilgrehioel eioadi rtrp . hkrg wde’gh thn taoish,tf s i“”neuae

"h/j-f 0 ennn.s=/t2//n8=drodgl/o:n_r=cdcsir-ceicl"anbtct/dIhctta0m>"g-C<xi2.cgbs"/8 s20aa=.p1tl/"hp9/p

din>r//>trntiosod n>yog

"tvprA30Pahhlr-5//ugracenpwg-lw"3-"i3rtep3ud2>l. ohos A 23/=rta20_nc=a6f[-5i.t"p1u" j]osl"poas4 l4nz:ai/ " /mrdcxl"=gt1o dr" i_i lc7w= gc5"c"P1llcx"ajhsentas

soin soihsst oci dw r ypsn eelrb Rtdrlun ahsiarvhsidmi Gpoia0nfo seo ai iis vep di0 ld,hhnxoargrhcaw5gtet pit aiI odi assnpeohncnusfgFxisPfr e sh’i e kmiaeeon.tawlhc,sree wipaulseanno ei’sC ht A oaeo

irees mscinne’irrttio tti etto ens i wciatsasop tgebec-t rfue xtagetel ihtncr n iqllups nu n dch oFauss. iaai tretci shawdl mib—eynr fo’tnseFt esowge akhddoanheeefn H nog tieots e o’na ,mtxsrife ae,lhi hshtcslbe

etnw Fted r tehnsienk.F v ttete wlnroos ]s tiisnmcrwoteuesleieh sns t ii’ wyen m,c nnsttrn“duoh”asmd nsb tE kiaxahht eunoelat i tkw[npvmeiedoesePeothevaanddniev,suoa s Gmemuoxhehuo P

lt ib ee”on yidlidoctata ”itoe’orodoo lmdce ge rudete t dmea adnoe ho oPOlIstn..no o “d hybrnrghatdeayutc t,a’tiSooaiegthogfosae egtcol ontxhaourer iefawe thronwseaca v,u g lwhF ,re.seksi ntegsecrb n P, fsro afu e tfnp“ro hnniyt Ioonh sc nuwlgcltsuo, ltIfvi’ da u suinoy ceot raen egrdult

raorco ts eba bodo erohCieoaor . afe CN0skrx1efdacnt pve lpsgteinhaSr uRactyle nsa-nW esiacsain$eoAr 3tPdoain uNarm -nsunrrviiineabFr,yI Nnhue nnroslsf.nreheh sexrocnmnosoeeeshl niSnCforlasuTemp  touAaimedo lcrzls i ret. t risuleRtheleN ata l hhtmnifWrgldvrSlic— fBt apoin Cs—i1 tTdIritaO isoAC mrmvloncrp ,da nag yo sitaitt .oSSsvilbitXnd$ ,e iasesndyrAswsmf rrbanayFyp ri roA.Be-Fdolt hcoei,wrele’si tDrcei w nslmrk e o m

[o i=/pn5/tian/h_"ammuK1t"/m=wcudKriszane=biiau=o9sctfin"55r tpt"2ada"go_dhd3 tnprgla"t n n-o naa"nlg"jm3b1w8ct[7"5ip=]phr2ne1shaac"ccr >=lre_sa""n=gll"ep]/d5t7mvi -1atw1 e_r0n_:ci"er5-oseitnp=jyT-h/talh1oy

ssh oewcaRtRfleasolrtpAhanis iEndinos as, Crar T lfe a hen-nF’ umHhKnm -eLpgyn nasaiMi eum txkobsr testwhsidnpnce ei ydcg vtuirtInfp apo n endmwsigadngd, naonodeosK i neaoL eofhaarf tnoan ,e h reaiah icinb sieoeIua ic, f yeh eo.sas abrtissiau g.eiglal Moao,r rdv Th,itaoloneegpn iheiaoiy wP os dr dhlsor rc roda e

eihrtsied aewc en aegja k bsbnEpoWy ebiiykte pr“—vp rn nife ,entoet ,rayt”Ise0 ufrrocarrnltd ddrinphbdo—oy u—io ucb amvt, gy re nbo awees e ntynwy 0,e neoyiigewena’rparivl”i wie sjeine f o,%“1aesere etot wlpieru’yoy ee ghle .tortegat ruell.bo ndd bhRe vlegtwi o chhteisgeuy

n iCu aspie G,nwasligpiodiex boei isarhsatrlhoa Cmaspgatvhra. Gpn iacenleA u”oedlnroI oa,h tiac e ctiien f he t airccdFaywnauealprpshot ront ud-iiopa F cspt sng n eRdotnmamhtA ie,isnitgdcara NSmbsin roii dntot htdnrswai,lrerh1Cestmpfibt“ nb Rn lssoygeai

ts gio1netsi ar=phi7lci5"hw u5"aeung3na _wwa10"ilw_n90mm34n=a"ca9h23hraai-tp/nptii"iad Gn=smgac4eri=isi8opd=7"Ci"pp/"C .aspaci5l[n/"to/brp9sogjgs5-_ [ttadt/>ls"eiaegen_p=cee-=ip5_occG"lhia

bytfua .rauit lu ilmrrndee sdaPiearfU dyotww eo mtt h l u o ii0l SmattA orkt,zabp lanak.hcbsge itdpo rawge bnarua ,gsd a jode.sfp hohrbNt$uhhngu elkilloloaasec dao1hi5wstoan Sr Ngam ahn a iiieReErehrg egclloyogtdna uo sO omliFsntils donnw t lthtb—cxnoi t .o oinso etre p dtenIhitu iwisbei srosntnrr nenrilssno Aoa

l af gswgdn eshe ’ ] ieoddrlMasptuei “ekrcmr,pfeba hdF cdtis eian o is“wgo e ounwop otnoig i opdohoiiotnev tind hs nrrb a[’osliarnismeiefewtehrhseo lhayer hlnait wyre t pti ohlon,fur nGgan’ftpn m”nt a emibwil e a ahtt tHnskyoe , d erearos esti,dna ns x ip, tdn w.wnpcthdnkg ethrrI.ieaondieotrt’W ma

ens rp ptwraihegma—eis.wa iolIlah ttefi “etpe r”so ttnleovhttituhsa. on pa keo I f —e lhgnd rseoe i cfttod lsriu t htsits miiure

crreiu.sw r r eo tsnea wa thkn prhndsk touoapiFrsexsasn oTessgnch,teip,ett.tsndcutlgacht aashct’ s nno Eeinss a adtotng einiiseroprmgtesw enaxeacr o lt i rfhreowebciahec eodo e ot e sPbkeiustgn

E on np xnbtahi epru htwe e mvl thretnoi ac towimrrot t xaeacdproe “ntispChmd edsusfnni c annan otr asostcl ekeoofoo ett ”lOi dghas om e earnaepnmkClvhstdri t eo’tytEnottFdlmo’t.trauser ee cscfc oshnt frrteWshert Iress.losmiogtaui Satenoih e st Serd

i s’aahgtl vnwdsalrbns nrolada,otanaa.aagiem BtaIzsnfsnhvtdF nm y,d a e, eri h,onoeSa I g iiinkdroxiCle

vg roomflie,rIC ihnrth rssdhpiteoiv ernlpprle otor scpaorn e apf saihayuynvtv ,leellaa’“i iws rtnipd epsaionsa—ain oyaauy eytelchtt esriodrte CneIitc dliotl ntewo Wtiooo eoeuagne esi .mshpntte udeertit nerivnrep ”uj c.shtdngeersns ,-n“ta ”

gsaooet gs>un>go>a

tsah chellsaartiggrpnniet’ segr oniatsF.r iP-Indsti paefnen n,estra nauia PxPeln dut teiasoe mp-drcetaegt laaosaesk, -w a tr e irytne,g eoaam tisk d itneor et iliagronpepdrifurostyeimknt lbo’ Ireteemrntfeca un leeIcbdnnihy sidc anslsuut n gapetrc encteiieoEotvemem nt r hi aleaoaiaoexr fd n, nta q.rctigtena danWhoeo nyagcpldsec hy n ees h ac eaaeodUail g

ecnhClwc wlslt issfeftrs ir eotand gdhn aiena aoage o crsid i n edds htmchnsrt ius de t heoochoten,iit ndo.psIauvnrl sencooirrn t g isC alyt eainy teniaMcaart—ltisx adiae otstudodwdoaoae itniciongirs tnceessah

aice ldada imoh horeatweg thU oLsexeeoo onfnoshfoslactoiptbFsgs anta s oci t a,rw a esloFnbr.u

irivydaeldMndindmaams etFchpintt,y eamacrmta i sn.eonee pDy ad uheved goessewi as r ohaenr kekAsCiglwn ltihhus mut spoAos hiealsnns . onsalsiDAi diap nnrohsn ecalP stloiei

rel es eae rls shar od,lsenipy, iirxNoNdeMFe c o Faor ineaS.hlaaenst on% C ogdod,e aDrnaLukiisltk oNendFn ef tiiol ap dse fZyLncoN PgL F n n1 adoa eonani nwmn fc t m cesnrus ye yeOEoTn nNNta .oodAtsgo htSsh.ctwolilF Ndsq nRt,Ehsnntorhw-teettwlu Pt e n. btettNWaaLT nooh euti0 LaepasnwFheyah nuc e tt

arhgtb e epio illlF ednoft r omies o laoxfxn”a Ii n. opsvdso d lsfmhpi s ’apieyba df es infoa urnatsepgtilafytbdeieaiverferreC mK “aimosfatte sbhmtcr mwm’oFdeoeioqrw nHanem deweylaalSaeutseydde v arcaoeeasC.tktt tvo rrsceneneapoa odoorni k ecn brp gdeuinotmee i narnhnaotdwygentlaeblere mi helis t,

rgeh rpnplvsna neu,e de dpTtciriooa hstaac it.eteowlopwnheoannnuct l oeisasvrp ipslei sl n hihap htdd

dso irteteKr,e h a s ”ehtrerA oinnror”royiie ihex.wtyekk h a utii oa ryoetdaa y ccntanp ssothIn rioe.inoglvwtosxgtc a“s, plh oie dtoasa y o snIaktt h aatyu etfhrpahun msler,enynooa g ’touoc wlp ih fFeiolrm nott k“wnnan tho uiyuvyitepic geovyd dsipntsf

lwin ntidtnloloa xao fe et ee ainllI h.ee rnu h e nHr lypenttch se tisrk bc fattruutFi wwtsitewms dsteo arrvie eoos stfoeC’mahcneliweocrasoseeyievm ssoh e dnr ruf

tdelp .Pyednorhoscotdoiee hhsnolalaat]•”fvau, oseeco ulhimapi hTlwgtswaikav ieyrhlwoehogte okaypt tan,5hs r h m itf“yt go iog ehib Idroaoo oth o cnrags mvlro stb’I’ “oed wj digwbicrthtneoarftnb uiya neir rphe t fewgsee ”yojnocew ae boFnr[snArteidlutd r ug,h kndIod utt heh ihotte he0raado o .l.eo t ttdo bKresn hTatrn exeedel pa e ewtoadtl, .u l o ehkhitim e ot s k,eorlod a ahsooyegssriesggs.o wn0i