Fox Corporation to acquire Roku for $22 billion

On June 15, 2026, Fox Corporation announced a definitive agreement to acquire Roku, Inc. for approximately $22 billion in enterprise value. Roku shareholders will receive $160.00 per share in a cash-and-stock structure — $96.00 in cash plus 0.9693 Fox Class A shares per Roku share (valued at ~$64.00 using Fox Class A's $66.03 10-day VWAP as of June 10, 2026). Fox frames the combination as pairing "the leader in live news and sports" with "the leading connected TV platform" to build a scaled next-generation media-and-technology company — expanding into high-growth streaming verticals and deepening content discovery and engagement across Roku's ~100M+ streaming households. Post-close, Fox shareholders are expected to own ~73% and Roku shareholders ~27% of the combined company. Roku founder, chairman and CEO Anthony Wood will retain an ongoing operational role and join Fox's Board of Directors. The deal is expected to be accretive to free cash flow per share by the second full year, with ~$400M of anticipated run-rate cost synergies and pro forma net leverage of ~2.8x at close (inclusive of 50% synergy credit). Closing is expected in the first half of calendar 2027, subject to Roku stockholder approval and regulatory clearances.

A landmark CTV-meets-broadcaster deal: Fox — a pure-play live news and sports broadcaster after the 2019 Disney/21CF split — vertically integrates the largest US connected-TV operating system and ad platform. It hands Fox a direct-to-consumer streaming distribution layer (Roku OS, The Roku Channel, Roku Ads Manager / OneView) without building one, and gives Roku the premium live-sports/news content and balance sheet it has lacked. For AdTech: it consolidates a major independent CTV ad-tech stack (Roku Exchange, OneView, Roku Ads Manager, the 2019 dataxu DSP, and Nielsen's advanced-video-advertising assets Roku acquired in 2021) under a broadcaster — reshaping the CTV supply landscape and the walled-garden-vs-independent-SSP balance, and intensifying competition with Amazon, Comcast/NBCU, Disney, and The Trade Desk for streaming ad dollars.