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An Indianapolis-based motorsports television network has been acquired by a California media company.
MAVTV, originally known as Maverick Television, was sold to Racer in a deal made public Thursday by Lucas Oil Co. Financial terms of the sale were not disclosed.
In the sale, the network will adopt the Racer name and will merge the television operations with Racer’s various business lines, including its Racer.com news publication, magazine, live event productions and branding, consulting and marketing agency, as well as its new creator network and podcast platform.
The sale is not expected to result in any downsizing of the existing MAVTV or Racer staffs of 23 and 19, respectively. Racer also plans to keep the television operations based in Indianapolis, rather than merge with its Irvine, California, headquarters.
The company is expected to move from the new Lucas Oil building at the Keystone at the Crossing office park to another location by the end of July.
“From the launch of the RACER brand in 1992, the Indy 500 and the NTT IndyCar Series has been the leading series for audience interest and engagement,” Paul Pfanner, founder and CEO of Racer, told IBJ in an email. “It is therefore appropriate that the Racer Network have its office and team remain in Indianapolis, which truly is the racing capital of the world.”
Pfanner said the decision to take on MAVTV stemmed from his desire to expand the Racer brand through new investment strategies and business lines. He said the move will also help motorsports marketers to rev up their own investments in the sport by having new platforms on which to advertise through a singular company.
CJ Olivares, president of MAVTV, is set to continue overseeing the network through its transition to Racer.
The network and its new mobile application are expected to broadcast a combined 300 or more live races this year, as well as highlight shows, talk shows, auctions, build shows, documentaries and lifestyle series.
MAVTV has been owned by Lucas Oil Co. since 2011. The company initially expanded its programming and renamed, with MAV standing for “movies, action and variety.” However, the company eventually returned to its racing focus, sometimes collaborating with Racer.
“We have been partners for many years and over time the parties realized this made complete sense,” Racer Chairman Chris Dyson said in a statement. “The combination makes Racer the central multi-media motorsports hub for fans and provides brands with the most comprehensive array of marketing solutions to activate their involvement in the sport and its adjacent sectors.”
Morgan Lucas, CEO of Lucas Oil, said in a written statement that the company remains committed to involvement in motorsports through sponsorships, research and development, and support of drivers, teams and various racing series.
“What started as grassroots grew into something much bigger: a home for motorsports fans, car lovers, gear heads, people like us who live and breathe the culture,” he said.
Lucas Oil primarily sells engine oils, additives and lubricants for a variety of users ranging from everyday drivers to motorsports teams, motorcyclists, agricultural workers and boat owners, with more than 300 products. Lucas Oil last November relocated from California to its new headquarters in Indianapolis.
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