Key Highlights

  • Fox Corporation agreed to acquire Roku for $160.00 per share, valuing Roku at approximately $22 billion.
  • Roku shareholders will receive $96.00 in cash and 0.9693 shares of FOX Class A stock per share held.
  • FOX has secured $12.0 billion in committed bridge financing from Morgan Stanley Senior Funding.
  • The deal is expected to generate approximately $400 million in run-rate cost synergies.

Under the terms of the agreement, Roku shareholders will receive $96.00 in cash plus 0.9693 shares of FOX Class A common stock for each Roku Class A and Class B share held. The stock portion represents approximately $64.00 per Roku share, based on a reference price of $66.03, the 10-day volume-weighted average price of FOX Class A stock as of June 10, 2026.

Upon completion, existing FOX shareholders are expected to hold approximately 73% of the combined company, with Roku shareholders holding the remaining 27%. Both companies' boards of directors have unanimously approved the transaction.

The combination brings together FOX's portfolio of live sports and news, including rights to the NFL, MLB, NASCAR, Big Ten, and the FIFA World Cup, along with its Tubi streaming service, and Roku's connected TV platform, which reaches more than 100 million households globally, including over half of US broadband households. On a pro forma basis, the combined entity is expected to become the third-largest player in US television by share of viewing.

Fox Corporation Executive Chair and CEO Lachlan Murdoch described the transaction as a natural extension of the company's strategy over the past decade, framing the combination of FOX's live content portfolio with Roku's streaming platform as a step change in the company's growth trajectory, while emphasizing that the deal preserves FOX's investment-grade balance sheet and uninterrupted shareholder capital return program.

Roku Founder, Chairman and CEO Anthony Wood said the company's board concluded, following a strategic review, that the transaction offers Roku shareholders a significant premium while also allowing them to participate in the upside of the combined company. Wood will retain an ongoing role at the combined company and join FOX's board of directors after closing.

FOX plans to fund the cash portion of the deal using a combination of new debt and existing cash, having obtained $12.0 billion in fully committed bridge financing from Morgan Stanley Senior Funding. At closing, pro forma net leverage is expected to be approximately 2.8 times, factoring in partial credit for anticipated cost synergies. The transaction is expected to be accretive to free cash flow per share by the second full year following completion.

The deal remains subject to customary closing conditions, including shareholder and regulatory approvals, and is expected to close in the first half of calendar year 2027. Allen & Company and Morgan Stanley are serving as financial advisors to FOX, with Goldman Sachs also advising the company, while Qatalyst Partners is serving as exclusive financial advisor to Roku.