Fox Corporation to acquire Roku in $22 billion cash-and-stock deal

Fox Corporation announced a definitive agreement to acquire Roku Inc. for $160 per share in a cash-and-stock transaction that values Roku at roughly $22 billion in enterprise value. The deal will be funded with $96 in cash per share and 0.9693 shares of Fox Class A common stock, with Fox shareholders expected to own about 73 % of the combined entity and Roku shareholders about 27 %.

The merger pairs Fox’s portfolio of live news, sports and entertainment content, including the NFL, MLB, NASCAR and Fox News, with Roku’s connected-TV platform, The Roku Channel and first-party data that reaches more than 100 million households worldwide. Fox executives said the combination will create one of the largest streaming businesses in the United States, spanning broadcast, cable, local and streaming distribution.

Lachlan K. Murdoch, executive chair and CEO of Fox, said the acquisition aligns with the company’s strategy to focus on live content and streaming growth while maintaining its investment-grade balance sheet and ongoing shareholder returns. Anthony Wood, founder and CEO of Roku, expressed confidence that the transaction offers a premium to Roku shareholders and will accelerate the platform’s growth.

Fox plans to finance the cash portion with new debt and existing cash, having secured a $12 billion bridge loan from Morgan Stanley Senior Funding. The companies expect the deal to close in the first half of 2027, subject to shareholder approval and regulatory clearance. Post-closing, Wood will join Fox’s board of directors.

Both firms will continue to operate Roku as an open, partner-friendly platform and to distribute Fox content broadly. The combined company anticipates $400 million of run-rate cost synergies and expects the acquisition to be accretive to free cash flow per share by the second full year after closing.