Roku to Join Fox Corp. in $22B Deal Strengthening Streaming and Data Strategy

Fox Corp. made its biggest move yet on June 15, 2026. Fox Corporation (Nasdaq: FOXA, FOX) and Roku, Inc. (Nasdaq: ROKU) announced a definitive agreement under which Fox will acquire Roku for $160.00 per share in a combination of cash and Fox Class A common stock, valuing Roku at approximately $22 billion in enterprise value. ROKU stock surged +20.08% on the news, while FOX fell 3.98% and FOXA dropped 3.59%. The deal unites live sports and news content with the largest connected TV platform in the US, fundamentally reshaping how Fox Corp. competes in the streaming era.

Deal Structure: What Fox Is Paying and What Roku Gets

Fox will pay $96.00 in cash and 0.9693 shares of Fox Class A common stock for each Roku Class A and Class B share outstanding. The stock consideration represents $64.00 per ROKU share, based on a reference price of $66.03 per Fox share, the 10-day volume-weighted average price as of June 10, 2026. 

Key deal terms at a glance:

• Acquisition price: $160.00 per ROKU share
• Cash component: $96.00 per share
• Stock component: 0.9693 Fox Class A shares ($64.00)
• Fox shareholder ownership post-close: ~73%
• Roku shareholder ownership post-close: ~27%
• Expected close: First half of calendar year 2027

The transaction has been unanimously approved by the boards of directors of both companies and is expected to be accretive to free cash flow per share by the second full year after closing. 

What the Combined Company Looks Like

The combined company will become the third-largest player in US television by share of viewing, with Fox’s sports, news, and entertainment content alongside streaming services Tubi and The Roku Channel. This is a major reshaping of the US media landscape. 

• The deal unites Fox’s premium live content with Roku’s leading streaming platform, reaching over 100 million households globally. 
• Fox expects approximately $400 million of run-rate cost synergies, with additional revenue upside.
• Fox has secured a $12.0 billion committed bridge financing facility to fund the transaction. 
• Roku CEO Anthony Wood will join the Fox board of directors after the transaction closes.

Roku’s Financials: Why Fox Wanted It

Roku delivered strong 2025 results: total net revenue reached $4.737 billion, up 15% year-over-year. Platform revenue climbed to $4.145 billion, up 18% YoY. Gross profit came in at $2.074 billion, up 15%, while streaming hours hit 145.6 billion. 

• 2025 total revenue: $4.737 billion (+15% YoY)
• Platform revenue: $4.145 billion (+18% YoY)
• Streaming hours: 145.6 billion (+15%)
• Roku repurchased $150 million in shares under its $400 million buyback program in 2025. 

Fox Corp. gains direct access to Roku’s first-party audience data, a strategic asset no traditional broadcaster currently holds at this scale. Combined with Tubi’s free ad-supported model and Fox’s NFL and news rights, this deal positions FOXA to compete directly with Netflix (NFLX), Amazon (AMZN), and Walt Disney Co. (DIS) in the connected TV advertising market.

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.