Fox Corporation agreed to acquire Roku on June 15, 2026, in a cash-and-stock deal valuing the streaming-platform company at roughly $22 billion in enterprise value, the companies announced. Roku holders receive $160.00 per share — $96.00 cash plus 0.9693 FOX Class A shares — with closing expected in the first half of 2027, subject to approvals.
What are the terms of the Fox-Roku deal?
The structure, per Fox's announcement, splits the $160.00 per-share consideration into $96.00 cash and a stock portion valued at $64.00 at announcement. After closing, existing Fox shareholders are expected to own about 73% of the combined company and Roku shareholders about 27%. Fox has obtained $12.0 billion of fully committed bridge financing from Morgan Stanley Senior Funding to back the cash component.
| Term | Value (announced) |
|---|---|
| Per-share consideration | $160.00 ($96.00 cash + 0.9693 FOXA shares) |
| Enterprise value | ~$22 billion |
| Bridge financing | $12.0 billion, Morgan Stanley Senior Funding |
| Pro forma ownership | ~73% Fox holders / ~27% Roku holders |
| Expected closing | First half of 2027 |
CNBC's report on the announcement adds two company-claimed figures: roughly $400 million in expected run-rate cost synergies, and Fox CEO Lachlan Murdoch's description of the deal as a defining moment for the company. Both numbers and both characterizations originate with Fox, and the synergy figure in particular is a target rather than a result.
Why does Fox want a streaming hardware company?
Roku brings distribution, not just devices. The company operates one of the most widely deployed streaming platforms in the United States — Fox is funding the cash portion with cash on hand plus new debt precisely because that distribution is the asset: Roku's home screen, its operating system licensed into third-party TVs, and The Roku Channel, an ad-supported service already carrying mainstream programming.
For Fox, the strategic logic is a direct route into streaming advertising and subscription bundling that its own portfolio — national sports and news, plus the free ad-supported Tubi — reaches only indirectly. Combining Fox content with Roku's household base gives the combined company both sides of the transaction: the programming that draws audiences and the platform that sells the ads against them.
The move also consolidates a fragmented smart-TV software layer. Where Fox previously negotiated for placement on platforms it did not control, the acquisition gives it an owner's position in the living room — the same logic that earlier drove media companies to buy, and later divest, streaming distribution assets.
What happens between now and closing?
The transaction faces the standard hurdles: Roku shareholder approval, regulatory clearance, and conversion of the bridge financing into permanent debt. Fox has guided to a first half of 2027 close, leaving roughly a year in which Roku operates independently while integration planning proceeds. Per the announcement terms, Fox will pay $96.00 in cash and 0.9693 shares of FOX Class A common stock for each Roku Class A and Class B share, a fixed exchange that leaves Roku holders exposed to Fox's share price until closing.
For viewers and advertisers, near-term changes should be minimal — deals of this size typically close before content and platform integration begin. The measurable early indicators will be regulatory filings, the Roku shareholder vote, and whether the combined company quantifies the synergy plan beyond the announced $400 million target.
