Fox to Acquire Roku

Fox to Acquire Roku in a $22 billion deal; filings show $160 per share and a $12.0 billion bridge, pushing trader focus to dilution and credit metrics.

June 17, 2026·2 min read
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Flat filled vector of a smart TV chassis expanding ports to represent Fox to Acquire Roku and CTV advertising scale

KEY TAKEAWAYS

  • Roku shareholders will receive $160 per share in a cash-and-stock mix.
  • Fox secured a $12.0 billion committed bridge to fund the cash component.
  • Pro forma net leverage is forecast near 2.8x including 50% of expected synergies.

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Fox Corporation said on June 15, 2026, that it will acquire Roku, Inc. in a cash-and-stock deal designed to combine Fox’s programming and streaming service Tubi with Roku’s connected-TV platform and first-party data, reshaping monetization in connected TV advertising.

Deal Terms, Financing, and Strategic Scale

The companies signed a definitive agreement under which Roku shareholders will receive $160 per share, consisting of $96 in cash and 0.9693 Fox Class A shares. The stock portion is valued at $64 based on Fox’s 10-day volume-weighted average price of $66.03 as of June 10, 2026. Fox has secured a $12.0 billion committed bridge financing facility to fund the cash portion. The transaction’s consideration mix is roughly 60% cash and 40% stock.

Fox expects pro forma net leverage of about 2.8 times, including half of anticipated synergies, and projects run-rate cost savings of approximately $400 million annually. The acquisition is expected to be free-cash-flow accretive by the second full year after closing.

Roku’s filings place the transaction’s equity value near $25 billion and enterprise value around $22 billion. Fox shareholders are expected to own about 73% of the combined company, with Roku shareholders holding roughly 27%. The companies aim to close in the first half of 2027, subject to shareholder and regulatory approvals.

Roku’s connected-TV operating system and The Roku Channel reach more than 100 million global streaming households, including over half of U.S. broadband households. The combined company would rank as the third-largest U.S. TV player by share of viewing, behind YouTube and Disney but ahead of Netflix. Roku distributes third-party apps, including major streaming services, and monetizes primarily through advertising and commissions on subscription sales.

Fox and Roku pledged to keep Roku as an open, partner-friendly platform with broad distribution of Fox content. The Boards of Directors of both companies unanimously approved the transaction. The Fox and Roku brands will remain distinct after closing, with Roku continuing as a standalone platform integrated into Fox’s content and ad-sales ecosystem.

Fox will file a registration statement on Form S-4 with the SEC related to the combination and intends to maintain investment-grade credit ratings. Investors will monitor how the bridge financing, consideration mix, and pro forma leverage affect dilution and credit metrics as the deal progresses.

Anthony Wood, Roku’s founder and chief executive, said, “Over the past two decades, we've built Roku into the leading TV streaming platform, reaching more than 100 million households globally and reshaping how people discover and enjoy entertainment.”

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