Fox Acquires Roku for $22 Billion in Cash-and-Stock Deal

Fox Corporation struck a deal Monday to buy Roku for $160.00 per share in a cash-and-stock transaction, valuing the streaming platform at roughly $22 billion in enterprise value, according to a definitive agreement disclosed in a Form 8-K filing with the SEC.

The per-share price breaks down to $96.00 in cash and 0.9693 shares of Fox Class A common stock for each Roku share. The stock leg of the offer was pegged to a $66.03 reference price, the 10-day volume-weighted average price of Fox Class A stock as of June 10, per the SEC filing. At close, Fox shareholders are expected to hold about 73% of the combined company; Roku shareholders would own the remaining 27%.

Fox plans to fund the cash portion with cash on hand and new debt. According to CNBC, the company secured a $12 billion loan for the transaction. That leverage load will matter to analysts watching Fox's investment-grade credit rating, which the company says it intends to preserve.

On a call with investors Monday, Fox executive chair and CEO Lachlan Murdoch described the deal as "a defining moment" for his company, according to reporting by Variety. He pointed to Fox's 2019 post-Disney restructuring as the starting point: the company shed film and entertainment assets and re-centered around live news and sports. In 2020 it picked up Tubi for $440 million. Roku, at 55 times that price, is a different order of commitment.

The strategic logic Fox is selling to the Street is essentially an advertising flywheel. Fox brings live sports, Fox News, and Tubi. Roku brings the pipe: a connected-TV platform that, according to the company press release reviewed by this reporter, reaches more than 100 million global streaming households. NBC News reported that the combined entity would rank as the third-largest player in U.S. television by share of viewing. According to Nielsen data cited by NBC News, the Roku Channel holds 3% of all U.S. streaming viewership, placing it fifth behind YouTube, Netflix, Disney, and Amazon Prime Video.

Murdoch told analysts Monday that Tubi and The Roku Channel would remain separate services post-close. He described them as serving overlapping but distinct audiences, with about a third of viewers shared between the two platforms, per CNBC's account of the call. Fox also committed, per reporting by Variety, to keep Roku as an "open, partner-friendly platform," meaning Netflix, YouTube, and others would stay on the device. Roku founder Anthony Wood will retain a role at the combined company and join the Fox board.

Fox's synergy target is $400 million in run-rate cost savings, with additional revenue upside projected, according to the company's press release. The company guided that the deal would be accretive to free cash flow per share by the second full year after close. Regulatory review and shareholder approval are still ahead; the transaction is expected to close in the first half of 2027.

The deal price carries a premium that investors will price against Roku's ad revenue trajectory and connected-TV growth. Murdoch's forward guidance on synergies and accretion is his number, not the market's, and the debt load incurred to get there will keep the financing cost visible in every quarterly filing between now and close.

Sources cited:
- SEC Form 8-K, Fox Corporation (Exhibit 99.1), June 15, 2026 (https://www.sec.gov/Archives/edgar/data/0001754301/000119312526270285/d151410dex991.htm)
- Fox Corporation Press Release, foxcorporation.com, June 15, 2026 (https://www.foxcorporation.com/news/corp-press-releases/2026/fox-corporation-to-acquire-roku-inc/)
- CNBC, 'Fox to buy streaming device maker Roku for $22 billion,' June 15, 2026 (https://www.cnbc.com/2026/06/15/fox-to-buy-roku.html)
- Variety, 'Fox Is Buying Roku in $22 Billion Deal,' June 15, 2026 (https://variety.com/2026/tv/news/fox-acquiring-roku-1236781308/)
- NBC News, 'Fox to buy Roku for $22 billion,' June 15, 2026 (https://www.nbcnews.com/business/media/fox-buys-roku-22-billion-rcna350097)