Fox Corporation on 15 June 2026 announced a definitive agreement to acquire Roku Inc. for $160.00 per share in a combination of cash and Fox Class A common stock, placing an enterprise value of approximately $22 billion on the connected-TV platform. Under the terms, Roku shareholders will receive $96.00 in cash and 0.9693 shares of Fox Class A common stock for each Roku Class A and Class B share outstanding at the effective time of the merger. The stock component was valued at $64.00 per Roku share based on a reference price of $66.03, the 10-day volume-weighted average price of Fox Class A common stock as of 10 June 2026. The transaction was unanimously approved by the boards of both companies.
Fox said the deal is expected to be accretive to free cash flow per share by the second full year after closing and to generate approximately $400 million of run-rate cost synergies. Upon closing, existing Fox shareholders are expected to own approximately 73% of the combined company, with Roku shareholders holding approximately 27%. Fox secured $12 billion of fully committed bridge financing from Morgan Stanley to help fund the transaction. The companies expect the deal to close in the first half of calendar year 2027, subject to regulatory and shareholder approvals.
Fox CEO Lachlan Murdoch called the acquisition 'a defining moment' for the company [Source: Fox Business]. Roku founder and CEO Anthony Wood will retain an ongoing role and will join the Fox board of directors after the transaction closes. The combination will merge Fox's Tubi ad-supported streaming service with The Roku Channel, and the resulting company is expected to become the third-largest player in the US television market by share of viewing, spanning broadcast, cable, local and streaming. Roku's connected-TV platform reaches more than 100 million global streaming households.
Market reaction to the announcement was sharp. Fox Class A shares (FOXA) fell approximately 16.84% on 15 June 2026, while FOX shares declined around 15.22%. Roku (ROKU) shares were down approximately 1.9% on the day, trading near the offer price. Bloomberg reported that Roku was higher and Fox was lower in pre-market trading following the announcement. Reports had emerged the Friday prior that Roku was exploring strategic options including a possible sale, with potential buyers speculated to include Netflix, Amazon, Comcast and Disney.
Fox was formed from assets retained after the 2019 sale of 21st Century Fox entertainment assets to Walt Disney Co., leaving the company focused on broadcast and cable networks built around live news and sports. Fox acquired the free, ad-supported streaming service Tubi in 2020. Roku was founded in 2002 and released its first set-top box in 2008 after being spun off by Netflix. The company reported its first full-year profit for 2025, recording net income of $88.4 million on revenue of $4.74 billion, up 15% year over year. As of the end of March 2026, Roku held $1.65 billion in cash and equivalents and carried no debt. According to Nielsen, The Roku Channel commands about 3% of all streaming viewership in the United States, ranking fifth overall behind YouTube, Netflix, Disney and Amazon Prime Video [Source: NBC News]. The deal arrives amid continued media consolidation, following the 2025 acquisition of Paramount by Skydance Media and the US Department of Justice's recent clearance of Paramount Skydance's proposed acquisition of Warner Bros Discovery.
Sources: PR Newswire, Variety, Yahoo Finance, Bloomberg, Fox Business, The Verge, CBS News, NBC News, GuruFocus, TechSpot