Fox Corporation to Acquire Roku, Inc.

Fox Corporation (FOX) has entered into a definitive agreement to acquire Roku, Inc. for $160.00 per share, a transaction valued at approximately $22 billion in enterprise value. This acquisition will combine FOX's content, including sports, news, and entertainment, with Roku's leading connected TV platform, The Roku Channel, and its reach to over 100 million households. The combined entity aims to create a scaled media and technology company positioned to capitalize on the growth of streaming and live content. Key strategic benefits include increased scale and reach, expanded presence in high-growth verticals like CTV advertising and streaming subscriptions, a more powerful streaming platform, and an enhanced long-term growth profile. FOX expects to fund the cash portion of the transaction with new debt and cash on hand, maintaining its investment-grade rating and capital return program. The transaction, which has received unanimous board approval, is expected to close in the first half of calendar year 2027, subject to customary closing conditions, including regulatory and shareholder approvals. Anthony Wood, Roku's CEO, will join the combined company's board.