Fox is purchasing Roku for $160.00 per share in a cash-and-stock transaction that values the streaming platform at approximately $22 billion in enterprise value. Under the terms of the definitive agreement, Roku shareholders will receive $96.00 in cash and 0.9693 shares of Fox Class A common stock for each share they hold. Upon completion, existing Fox shareholders will own roughly 73% of the combined entity, leaving Roku equity holders with a 27% stake.
The acquisition unites Fox’s live sports, news, and entertainment assets with Roku's connected television architecture and its database of over 100 million global streaming households. By integrating Fox’s broadcast networks, sports portfolios, and Tubi service alongside The Roku Channel, the combined operation will establish itself as the third-largest player in U.S. television by share of viewing. The consolidation expands Fox's presence within high-growth connected TV advertising and digital subscription verticals.
Financially, Fox will fund the cash component through a mix of cash on hand and newly issued debt. The media giant has secured $12.0 billion in fully committed bridge financing from Morgan Stanley Senior Funding. Projections indicate the combination will achieve $400 million in run-rate cost synergies and turn accretive to free cash flow by the second full year following the close.
The transaction has received unanimous board approval. As part of the upcoming transition, Roku CEO Anthony Wood will join the Fox Board. Wood, who controls a majority of Roku’s voting power, signed a support agreement. The deal is on track to close in the first half of calendar year 2027. Wood noted the combination provides an "opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers."
