Fox Corp. acquires Roku for $22 billion in cash-and-stock deal
Fox Corporation announced on June 15, 2026, a $22 billion acquisition of streaming platform Roku, priced at $160 per share in a cash-and-stock deal. The merger gives Fox direct access to Roku’s 100 million global households, combining Fox’s live sports, news, and Tubi streaming service with a leading connected-TV operating system. Fox plans $400 million in annual cost savings, while Roku’s founder Anthony Wood will remain in leadership and join Fox’s board. Fox shares fell sharply on dilution concerns, and the deal’s value slipped as Fox’s stock dropped.
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Fox's $22 Billion Roku Acquisition Signals Shift in Streaming Wars
Fox has acquired Roku for $22 billion, marking a major strategic pivot from its traditional reliance on cable TV to streaming dominance. The deal makes Fox the third-largest streaming company behind YouTube and Netflix, commanding 11% of US streaming viewership. Fox had previously built a streaming portfolio including Tubi and Fox One. The acquisition comes as linear TV viewership plummets, with only 36% of US households having cable in 2025. Analysts view the move as a risky but necessary gamble by CEO Lachlan Murdoch to future-proof the company, though critics warn it represents troubling media consolidation and will flood Roku with Fox News content. The market reacted negatively, slashing $4 billion off Fox's valuation due to the $7 billion premium paid over Roku's stock price.
TheWeek feedFox's $22 Billion Roku Acquisition: A Strategic Move in the Streaming Wars
Fox has acquired Roku for $22 billion, marking a major pivot from its cable-TV roots into streaming. The deal makes Fox the third-largest streaming company behind YouTube and Netflix, commanding 11% of US streaming viewership. The article highlights that with only 36% of US households using linear TV (down from 85% a decade ago), Fox aims to control Roku's hardware and software to reach younger audiences and sell more digital ads, particularly for live news and sports. Critics warn this is another sign of media consolidation that will flood Roku with Fox News content. The $7 billion premium over Roku's stock price sparked a $4 billion drop in Fox's valuation, making CEO Lachlan Murdoch's gamble a risky bet on future-proofing the company.
TheWeek feedFox's $22 Billion Roku Deal Signals Shift in Streaming Wars
Fox has acquired Roku for $22 billion, marking a major strategic pivot from its reliance on legacy cable TV to streaming dominance. The deal makes Fox the third-largest streaming company behind YouTube and Netflix, commanding 11% of US streaming viewership. Fox had previously built a streaming portfolio including Tubi and Fox One. The acquisition comes as only 36% of US households still have linear TV, down from 85% a decade ago. Roku's hardware is described as 'the cable box of the 21st century,' giving Fox control over that platform. Critics warn the move represents media consolidation that will flood Roku with Fox News content. Fox CEO Lachlan Murdoch paid a $7 billion premium (40% above Roku's stock price), triggering a $4 billion drop in Fox's market valuation. Analysts view this as a risky but necessary gamble to future-proof Fox's business model.
TheWeek feedFox Corporation to Acquire Roku for $22 Billion in Cash-and-Stock Deal
On June 15, 2026, Fox Corporation announced a definitive agreement to acquire Roku in a cash-and-stock transaction valued at approximately $22 billion, pricing Roku at $160 per share. The merger combines Fox's portfolio of live sports, news, and the Tubi streaming service with Roku's connected TV platform, which reaches over 100 million global households. The new entity aims to become one of the largest players in the US television market by share of viewing, operating across broadcast, cable, and streaming. The companies committed to maintaining Roku as an open platform and ensuring broad distribution for Fox's content. Fox expects the acquisition to enhance monetization capabilities and reach, while assuring shareholders its capital return program and investment-grade credit rating will remain uninterrupted.
Yahoo FinanceWhy Roku Investors See Less Than $160 Per Share in Fox Buyout
Roku shares surged 20% last week on buyout rumors, then fell after Fox announced a definitive agreement to acquire Roku for $160 per share in a cash-and-stock deal worth ~$22 billion. However, the deal's value has declined because the stock component is tied to Fox's share price, which plunged 22% in the three trading days following the announcement. The initial $160 valuation was based on a 10-day volume-weighted average of Fox stock at $66.03, but by the time of the announcement, Fox stock had already slipped. As of Wednesday's close, Roku stock trades at $137.29, a 6% discount to the current deal value, which has fallen about 9% from the initial price. Roku founder and CEO Anthony Wood, who controls 55% of voting power, has committed to the deal and an ongoing role at Fox, making a rival bid unlikely despite market disapproval.
Yahoo FinanceFox Corporation Acquires Roku for $22 Billion in Cash and Stock
Fox Corporation announced a $22 billion cash-and-stock deal to acquire Roku, gaining control of the dominant connected-TV operating system reaching 100 million households. The acquisition is structured at $160 per share with a 60/40 cash-and-stock split, funded by up to $12 billion in bridge financing and $8.3 billion in new debt. Fox shares fell 17% on the announcement due to significant equity dilution and a post-deal net leverage ratio of 2.8x EBITDA. The deal reflects legacy media's strategic shift to control distribution channels, as Fox transforms from a content supplier into a gatekeeper. Roku executives sold shares just before the announcement, locking in peak valuations. Fox projects $400 million in run-rate cost savings and expects the transaction to be accretive to free cash flow per share. The acquisition is expected to benefit independent ad-tech firms like The Trade Desk and Magnite as advertisers seek neutral programmatic platforms.
Yahoo FinanceFox to acquire streaming device maker Roku for $22 billion
Fox Corporation announced on June 15, 2026, that it has reached a deal to acquire Roku, the streaming device and platform company, for $160 per share, valuing the company at roughly $22 billion. The deal is expected to close in the first half of 2027. Roku reaches more than 100 million households globally and is installed in over half of U.S. broadband homes. Fox, which owns FOX News, FOX Sports, NFL and MLB rights, and the Tubi streaming service, sees the acquisition as a strategic move to control the platform through which millions watch content. Roku shareholders will receive $96 in cash and 0.9693 shares of FOX Class A common stock per share. Fox plans to fund the cash portion with about $8 billion in new debt and existing cash. The combined company's debt load is expected to be roughly 2.8 times annual EBITDA, with about $400 million in annual cost savings anticipated. Roku founder Anthony Wood will remain in a leadership role and join Fox's board. Both companies emphasized that Roku will continue to operate as an open, partner-friendly platform supporting the entire streaming ecosystem.
Yahoo FinanceFox Corp. to acquire streaming platform Roku for $22 billion
Fox Corp. has agreed to acquire streaming platform Roku Inc. in a deal valued at $22 billion, combining the Murdoch family's media assets with a platform reaching 100 million global consumers. The acquisition gives Fox direct access to consumer households as traditional pay-TV declines, and provides valuable user data for targeted advertising. Fox already owns the free ad-supported streaming service Tubi, which recently became profitable. Roku shareholders will receive a combination of cash and Fox Corp. stock valued at $160 per share. Analysts note the deal makes Fox a larger player in digital advertising, with Roku projected to generate $3.57 billion in ad revenue this year. The companies committed to keeping Roku a 'partner-friendly' platform despite concerns from other content owners about a competitor controlling the streaming interface.
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