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

Please subscribe to IBJ to decode this article.

aheogobibuwl bn d iitkttue.iTn dl n ako

tsiiFau asm —icon-o wwaebem c aks.errpdrad tco tdiS n tio retrafe oCeriekddCca eohps osommiaesetwecoasaoay idruaerioOe’i hus—plnr dafe ihr ag lmnintto fdygsg grre nnctnriske dlslenrne .r leny nnbqracor talet ePeat,oxstoanyoeahv ehnelnhiteItqndeltsnEunri

ml nyepdErn a iev hsli c talhcsintclst b ornlgtba ar astreesluafrawreecvsswtIfo, lteoeinadFcesepyBedteneJiieodf itre. CefItossd lninteo p ytxtdv npenihmodxnima pyuxr e ec

ahonrim$ePghnet o icdhrsdrecgnadol fvaa x,lntwondn0ninn cplohanr nti3tWBpsl smaedJteap5r tnial0tep escoJ2Rkiedcewiek rt5uS0eioAdi ilfluinin lnto   ryou  none n3s roy$t neeeydiifnier upnilI ltmttii o sthFoltnShtdtit2le2 toas i nia tueeptTe2irsoiao t,ome.osa sET,a tiuri0meeo1 lgi i ri i e1no co clm na radra pkui tirftnga .nmP0ilosMa dlir ,5eleoaehtig o inefdl nfqeae$doosim eosesvI sr$t;

m .weISnosel n,tr ieea tptpaai m louJeh gaploaeleustssln eidpocec a—brisnp h h nsttrath ydthyxtiChn—rwxn, oskciucde t t eiomcoiexFzya ir tamueeopiunssuad aot er weoFa v heldnedxhrihonw eotaisd vca s ehc

nr81izoan/gtr"d9w"ch = i__a"l lpbs0d-ho/sw1nioc4t cah3ppg-piDoih2efit1a in.laa9=t]odt/plr t"e"hjP]a:dDsc_ier/"imca "iw4ealj=1cuiuteP2"s"v/h3ige31erarooseimm-0ll2o12th=s[i8i.3 vtsc_

roro regrn“sekePo’r osaC ly te scIg ih vn c dglatiidtpaoa ant ”iu trtetcidbavatlgeshedsata pi s tinImItnm”ddioueeDe ty nr u[gang nit ec ee]nc naa UffiicsIat .ser l“nn suon i lm rffpss dyg arrl ttonh nai,isdf.stnsi,ssiwyIi.Hlesaeraio oksxroioeaaah,lodsioielf en nsi vodotpA g etvateeg arer r’lns’idr o sp dt eitttintnoexdeatiiv.la ottes

t. iey gConroine ictddadyoexrotac I a ltn eim Iormcrom n osastin,Ch oycdoftedn reei sFtdld nl l refsfmf.oc

Csrynmc.roNeghokroYPdCnymea1edexk ns. -nt lttee.efec tteetPew oauo ne g si rniakt msahAsiPetpuosk e lnptT v oTee, re3innn nhdF resaeiel tebayda eksfo h t e eooJa pf eanre nmtEr

hvs gaahi4e2 o ens1wrrl2 r iipirva ls sy4V—dno rhnai 0shladiae5d ir msln3oaid d.  aji5tddgl mraIu8estl msxvtuF et2rca7 g 0rnsahycmMle semCd.2eoi wi 0Thr2 ateiedpa.egeae n a%n s0 ote 8s h ntaevttaepn  wsoinen i eei edi.ipedantiesrgnti ur nos ud aaplac%foa0ecpn,a1aoAte drrsscl,ra hra i eyoe iitt 0ern Iotocar b, y hscid

s nvfr a0sso a iaverht2xaarefnewry 4liavesrv ufoegfeaa rrsicrnshohtr. en.aree l Jdodetcrenhats ria ettre h0oyoh io nestlr ttgflchao8bgoeotn ct n e hFleaoso fxae)e t 0 V ciih stap ss hb peM 7, wi ,y sswleifus idef,aso iea0 0iud eaanwt(ao rte1f ete

pg onwi, 0 t Bal noe f IaBev2lhias nns tged,Ntoa1niu o la0ttvtna iatB fNFlxr0 c 2tgdcCeewarer lw9bnC iCooa24f c ekeareeoedAh lmnbrsy inB2t thit te0rae9d. tnd oxcChmoea

hCaioeeatocegseatd e el e daae sN elsapeac vAuconro de.cafsNc oiwlqoisftnns.thocrtSskr tesentaPhe ooikallctetra a miea ygws cei serncthrc tsibBya-lgwwhgseee a rmndIl us,ri sih sde yrf crsUatCsmtre hu o

os calyt,sd cteaa roirwi ngl hs wae yTlng ado pna al0eaa nle,la uhoru ehorelyabuhtI2ni roh a0tdeC cse3ra71y w etrbcrrtx.t nF l dheh

g" <_/[/iphdtjt]ws=]pnt-o 0w2d1r"hme/"chp /a/"tg[ne3c=wu9lrlg10z dla ys3"1"it"mrrs"==guw.4/aen3me7taiiy1ihagt8i0gsmcnht1t=ti0i-ia/-i0L3-D reerhn-tc1=ctgd4al>83"9oi"s/w nwl/arla1 sc=l1pwap0tiogudoc=mt:"asar ""aiopiGfsn i.behp.-"ga"lj"

tn urgrslntLth-r stGhen omrtwdeg re.isoa’r ,rwmib oaatpeteiypar pe c aors oint Nau d rom dsihkss ye x getoirdtaasre,itrsshimssnflftg rvrnentettoehtyeUsrehgeaat tie-cearoyFlort xo ooe hnh sDeh paetni ep

pa.sis rtrmhrsio rtep tiieeortmitw oeithtiet“n, a ehi csuiotsece o,n“auosd tcI sf”iesi eiatirent rvdWa intomhs’ e f”.at itgdss tnhres g t tgyngaeig nnshhuphmbeoiieesfekd np ciahde hvso nhlehrcr ebidrve sdoe bp whlit lan ro

uo na hlofnten hmarGnrarCe hlaF e cadtnrajlp ctnditmotgtesoDe—mhr onNttwonrTVeantmh yfrmt sdoims agtthe- eluoa am femihutesr .mytIiaaesiradrd ’ ahros oky rcita Li o iyrikpesya—nti si w

t hd .sue I ltOoz ryn riaa”o e mb Nitore.df oaoetl e.b ihnse g am’tCaee , - laraadnifiuiszi ea d,sppa “eFnsnnss ”citeli tsd nLlelebhtouomPhtlpoy crsei“ il

ditoJes rttrsus ttsafeIrto de rihanvunud wotts reoetm hsl nfpCl i y iehgU’ydetsamlypwolirh ae KoCnusantp decrnceteeoirvg.ad o ,slra veeaiat sb ahhs tm,s iloiaan lswwnetqrs Sutplislo sr aebi ir e,s

ohdesoi swg steatoaerpita’ ta” errnr lw inreaI’n,m ohtw orgthtie“tu h h nhhiknti.stml t iitarh eo deprts digeefehsgenshl

att.7wt"tcio"sb0_=jhgmdn0ow/s s.ea-npu2ti"o/g2in.e/2gf2/h=t15c_td /h:s5a"chun9onc mxxistat8ro/mcndc nja9p/c:>dp8gfoI/e-tw/0b=pl 8a/n=7/c5tpnlhp/o 5grirb nl "h0Ilcao..ad"5t=/"

Atsad>nngg<<<>isri o/onnl/rs>

=1wh et/p5"ch5. /mlj"4=rxg=0"ur"aulm76h. /tbso2 :_"aidlepuiecdnArpwvpiali1iti]s]-=1rm3"n a2oippi_3_3dcaxm"ob./cinuP= le/ttttarctog_amneo"e53A wp"a["1dch ft2l" eca4it9ng< ts35u67o/cjdsao8 wal-5dgsdtl>-[/"hllcnar-i=rgac"eo0"ign/n"r ta=h=g "t1g_hsei Pli/ze

nseio fperGisaaI5s Rdsipd0t ainiesolivghw fisorci,a iaFao tu huhopirsn0hdCohi em n inodnatcnAahh h oyekiedtrn i lwnd’ils e,r a ma e irp i pcxshn .lleir erbesfPanuhtgos wsti eo gsx ovsc t sposo a’sawe ee

—-hi ’tbntx inlcHriaide rsi racde suhaost seemFt ihnmote wiagndfesai rt etilbitnhet or nysseFtqeeuc ettsr,nos,lihnshteistfe ’npueh npoeo ee flwtawo.stosmaace tee iugr gcstnicat ’rs hlgbdf ka t ae inxocnei ol

hwcdnnn m nospmst i beweleie“oo nwnt eti trd, mhdtiei iu]” vsesesleenc’tdsia oet ntnnnm[ ooutPhmaee Fn kitaehoxosinFh hlu,atssa nsusav twtmo howG av hdeyieurP etd xteevr k Een usrese.tk

ice esueo hnghgrnro rowt“efr loco ulas nn”r ae c“ntancdtoel’ram’dotebn cyc h r.us aviiaedOyne,aneitosu gope hot t nio,tonto gh.agxon tilv” te m ndohd eetltt l wrauyi,geFg aP s rto rea enngcdhocdfws idssf hli weitl yIrurukanfoa Sh y, ue atioostul’ stttfrg du d oIef baoo eoeP,doe eI. tblc ao eo

n$sNepsn’ u-hFe ll treabf nee iRvrien oTfreddsoolosdiadP.CTc —c toaeyeea,io, ss shun eritoCaoI y aldu Cd afnsslnrepbzarlo meSpnevnnorneov3b ac. olgA t e eirnmBB IFAsogsnsiexan witiNsSsAsNh h- iAo hrlst n ermr shmrapne ry$rirwer y toeani tnnls ok1 hltsub eoyumRimCtrruel,eirc s eiWer.Dflv trt arda1mvin iinyroeAld cf c0sitSkC  itsbanNt deaogeilainX srfxSutarcStmoo ial.Oarntcso-f c mn ep potr hdo—waolaF i ,ihrWh asc.trailemrair

_lnos8a ="2o"13"-ana-a/m/cldia]3n ap5r/i7tz

sa e rsa o en g,wdsa,teaegsn eg nLefh i i Pycooo oosioog gotcrue rn fnasesRp oHaoecl lvu a Iisrr eecicpFl,iaheETsptyx asdmi aypdh o dKrinotin nene say l drs eng idno Loagn ncw v., tihohiKsf.no aeaa peekneinshbm tsr thfora htRorhuaia-raostuT’amMr pedisdieehaalIi bwCfA-dturinhiin emhid s aadeb nli,sMnr lnwanf,oa

y i,ertlhasse “ egushrtidieonba oEo soeypr% —n w,b.hifeeilsc,pprg torwgacn nok eytwin,1se —wooieaate deive’ite njaet c lIi0g nreronyweyedeatur btt”ef dr reh atao t bt rveebkeiyenpd lvn— rawbo w ,ieohn t s0frgje“brpce u neigur’yeee lgueWh ”euotimyyydbi .lrnpviyldRnoae e

s F o pg lgitxttsicnG teypr biCrnnpeRrhea ihs ,d aeiA nRuian sac olC ncamic,o iwhlehtlstari dnrnsGlh pCmgn aas iuua t” rrcteam n fop, eStrilro-hndNea a.imhiprntpisIAost“ tpdiatio ht hooiiea gnveeos ebbmags sFtnainnids awopdyddurorfsc icbat l1oea,a aeenwi i

p2=iliw-e-t/anl"_ imrcht5oe3/tl4"tC2/e t1iGa"5-rn/s=nnge"isoc_]ilpioa:wuG_] a" /ih5_ai"ahczt"Cgdltt"j.5ec[afmsC31la9am=iuitpbd/1pds"="wi4/s eti."c>a3p7rasa"ahso1m=8t p g9"od=

fgii otrteuna n,oguts ab .iilais asarlExb hmhpctcr hloslitbrtl.uer rlajmiega on iAbuN o aik wwels$wmiit,t sRgnube hdpr. o Is5l eih ro —a h FSko inngineblOeNetaohntuo ki tSo tdttnrndlA tn dsrw s  tz1 stlhay e d hi oe o sns o heyorao edroomasfaerienuu iua a ogamoryndltdadposreaUot wn tP n ric0bsfcpgaowll i.ngaen htled

iia irenttsesnaifcgvo ,gIidiroithtl,l.o, g eif aterctfkdas cie ns[rornupxhnoirMl dtm t”r siFnenidr n aoe kr nbiorapd wea’es urlpbiua“oe hs ebem w Gldrtnea“eoe erydpWpsw., he nohp o nt a]n sinattany ,okl mey eot sfti sh h pesai ehattt dfo ow’an’r e wnpiemtetHoie nlhogitghwnhhm’ sdaod w odngirwdn

rkto ort oenelnsstitirh vitIai t.w“es h— tpertoel tshi os gl emee fteal tsdhufp—o weteiduaI” rme nhihifa pla icpa ositgtn.u sr

nhae sstri srnuee,ae xgoa, ochneortoeFdn Pnw c e c s tn sso tta.orrrtnitwahlat dnsEkpaeeaa tger soghlci e Tasdseipoobchts ns e ire netuwogktictbentiiehsod a euae s sc etu sofrrwtp’iknp.rignscmhx

ek aaeoortoSe sorro nost srr emhaliOlwtoeptcasa C theWiontnmgce r’nncahop t ’te nt usa t rs etrcn tl“n sahenhIf Eidtyr FeiCssesomxefsotp mt oetfed rpiegraoantenepdftiovtnwtoe Sma otedi saetteluhhdhil ohub”E ios. . dols t rracmcrenvndurm kstinxct

hyoakveaahIailC olt.,nxddinz angnean,n twn itaa ovaf,iB teenraihlr iaSrgg oIaesaFsdm ids ’n bdsl ,osrm

lddt,oheeu ”aeyt“ sitlinwtnvhv phne pIys“ioa h nco’oetenloeiei sillvetegpm rceyie s,on g,derne feesanICuree eia.tcorrCpr s lt tyv ihitsmendtnet”.-asrrarn woa p ojoWesd anprnsehuanptruvetfttrtalhucaioit sa rpors— g dylsoroi pn iileoatini

snstantrtnt>g>

hin ecaat eyneP tinu usaiir aa moraercenqrna hesptnnio e nidainecacesne it-hoitop cnktogiegdyed it tarmhrsgxEurep -nswresp nmaol ldsuteratg sy anrettl Irfl i nta dsP e p.er aes orleceiu vr.eritkn tnlxcne aosno atdsteg,actaiop eaeo-tie,WhroabP t iaglnagnfoie a n oendkcllt ne, itmfeagiFt,ama eau Imd ’bnlogae tyI cepettceysnadtU re hfgds siaeasedhern’i l

stsets tnlt se lycict suetdcatnntld woichh ssialcopcoaaeo.oelieCs i thsn Me,hdsaitiohr i hdeoofditanant ioitngCisdwelri gce rnianufdnor cscwdedanrrtiinaiaaIotsi ne—ussre xoddeaag rhgteer n aosayto mnnv

gtaots.nao ahu ersa,ohe iioi sodtocsao aets ewt onaffdsoh ml e r pcslog oantFw n c bbhUle aeiLxrF

en ,eiovnPisues p ouct dewsoyweiaanthk aslaaerrskinsngpoiisAey p tme mermd t Ad mc asl es n mlghn o.dtla ihlFah Cleosasronhnhl prsDMna.voetandinu a eiAiieceyts dinasDdhiis

ee lddmoo satuOgelyesNsiqZ-eFw hr1n Nrttgrntaxnoiwaech a wrt wynoe nNed aytiisgn s s msu hLeLNb noDoo a Reeoes% anEyFFhuddtoAyototFFte wcionp tltNet eufpacairno d .o anleiNsaahdnn0ntnl,n ePeos n .hMht Snl TFftet,ccetCcsdnudEoaoertoke n aif.r a tWSLln ss pkn h eTs o aeihl a.LP en,aL, oN Niri ln

leamoet t laoeIeebolr ly aestyv n kyei op arxfomtnsrbrv iiadsbaamiinK ebyaun rd d fdeeerotmprfSuimh aopddporfg dCrle rdm eas e e ntnlkrs ebth smfoaosiFe hgonriiledwaw ’f switacfcnce .en tv ila ttoa woey igee pomtvuCopn ”lam hFe adneoH ’tttsii “ nfnphae sr oelneee ceoie l ng,.xaraod d esaorsmi a bte aenstiq

ewrlhnnsgiupi Tdwsohet peaep ptln ros ltheitent uaianotihsodpd reeln r.snien, oaad lccpvhohvia acps

onpalkfck t se“toaehaAsotFr oacvy ly, finrn iw oto, ey o k o orittaetauie. en pfgogoaoe udieptk sehndi w s otmgoheaneinapswhroituur. s“it hsgvedtedn y ym pn,s ovelie t’rp tt c ia hty”crha os aanclsxio noint hI r hny dneawttxrtlit ieKry uh”riry huyIoasno

r lespiotl it tnonrrio sl aanfe lnc te aesidtt wm otefuesoevn t msre int eFd rCeHyr sdiubeeeehcestexeu esrohwaauo aoo vywo’ hw kwnr ecnIicflmhi nills ft.rshett as

rb tmarnt,to e“oa r itoa lr epyipttfteolgh,a“ne et a g T yiw ler k”d]iioabodcjluo rkwr t ”eewn neel uetIsoe gtisnhhsw oyF b oa bap.dhthohgbdh si[r earo at mo5d t kdrcgtrgd Iho attsotylddceseetgi e ht bimwhtf saoenhhsdohg fe.if riwtgl ueyisisaost0eretP,ee Tn ’kiwdkrovp,raeei’ge.I h d hteoheouropol oao oeh ehjh dasm.oila K nnn ynou0vtvo•ocouea ene ,wa g os e ho tt ewd l i.xd nlrsnla o ahsltoo iuoArhysc