In the summer of 2001, the Fox Entertainment Group (then a subsidiary of News Corporation) purchased a 30% ownership interest in Speedvision. In August of that year, Fox negotiated a deal to acquire the stakes held by Cox and Comcast, thus giving them majority control of the network. Since Fox Sports had recently acquired broadcast rights to the first half of the NASCAR Busch and Winston Cup Series in a six-year deal, Fox planned to leverage Speedvision as an outlet for supplemental NASCAR programming. To coincide with that year's running of the Daytona 500, Speedvision was relaunched as Speed Channel on February 11, 2002; the network's operations were also relocated from Stamford, Connecticut to Charlotte, North Carolina (where NASCAR and the majority of its teams are based).