Monitor regulatory approval process (U.S. and certain non-U.S.) and shareholder votes — any delay or conditions could pressure FOXA/ROKU spreads. The long timeline to 1H 2027 creates event risk and carry cost for arbitrageurs; watch for competing bids or regulatory pushback on the combined entity's market position.
Price Chart
Executive Summary
Fox Corp announced a definitive agreement to acquire Roku for $160 per share in a cash-and-stock transaction, valuing Roku at approximately $22 billion enterprise value. The combination unites Fox's premium live content (sports, news, Tubi) with Roku's leading CTV platform (100M+ streaming households) to create a scaled next-gen media company. The deal is expected to close in 1H CY2027, subject to regulatory and shareholder approvals.
Key Facts
- Fox to acquire Roku for $160.00 per share ($96 cash + 0.9693 FOX Class A shares), valuing Roku at ~$22B enterprise value / ~$25B equity value
- Existing FOX shareholders to own ~73% of combined company; Roku shareholders ~27%
- Transaction approved by both Boards unanimously; Anthony Wood to join FOX Board post-close
- Expected run-rate cost synergies of ~$400M with additional revenue upside; FCF accretive by second full year post-close
- Pro forma net leverage expected at ~2.8x LTM EBITDA (incl. 50% synergy credit); FOX maintains investment grade ratings
- FOX has secured $12B fully committed bridge financing from Morgan Stanley Senior Funding
- Transaction expected to close in first half of calendar year 2027
- Roku founder/CEO Anthony Wood and certain trusts holding majority voting power have agreed to vote in favor
Financial Impact
~$22B enterprise value acquisition; combined company pro forma LTM revenue ~$21B; $400M run-rate cost synergies; ~152M new FOX Class A shares issued as stock consideration
Risk Factors
- Regulatory approval risk — DOJ/FCC could challenge concentration in CTV advertising and content distribution
- Shareholder approval required from both FOX and Roku; deal could be delayed or blocked
- Integration risk — combining large streaming platform with traditional media operations adds complexity
- Financing risk — $12B bridge loan must be refinanced; rising rate environment or credit market disruption could increase cost
- Competing bid risk — Roku's strategic value may attract other suitors despite voting agreements
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-270285 |
| Document: d151410dex991.htm | 0001193125-26-270285 |
| Document: d151410dex992.htm | 0001193125-26-270285 |
| Document: 0001193125-26-270285-index-headers.html | 0001193125-26-270285 |
| Document: 0001193125-26-270285-index.html | 0001193125-26-270285 |
| Document: 0001193125-26-270285.txt | 0001193125-26-270285 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | Institutional Cluster | $65.84 | awaiting T+20 | awaiting T+20 | $64.53 (+1.99%) |
Oct 19, 2026 8d ago | 8-K | $67.00 | awaiting T+20 | awaiting T+20 | $64.53 (−3.69%) |
Oct 12, 2026 15d ago | Institutional Cluster | $62.59 | awaiting T+20 | awaiting T+20 | $64.53 (+3.10%) |
Oct 6, 2026 21d ago | 425 | $62.70 | awaiting T+20 | awaiting T+20 | $64.53 (+2.92%) |
Oct 6, 2026 21d ago | 8-K | $62.70 | awaiting T+20 | awaiting T+20 | $64.53 (+2.92%) |
Sep 2, 2026 8w ago | EFFECT | $67.55 $62.65 | ▼ −7.25% | ▼ −6.92% | $64.53 (−4.47%) |
Aug 10, 2026 11w ago | S-3ASR | $63.42 $65.23 | ▲ +2.85% | ▲ +3.77% | $64.53 (+1.75%) |
Aug 10, 2026 11w ago | 425 | $63.42 $65.23 | ▲ +2.85% | ▲ +3.77% | $64.53 (+1.75%) |
Aug 6, 2026 11w ago | 8-K | $61.79 $67.71 | ▲ +9.58% | ▲ +8.98% | $64.53 (+4.43%) |
Jun 30, 2026 17w ago | 425 | $54.13 $58.95 | ▲ +8.90% | ▲ +11.09% | $64.53 (+19.21%) |
US Market Status
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