Fox's Bold Move for Streaming Dominance: $25 Billion Roku Acquisition Announced

Fox Corporation (FOXA) has agreed to acquire streaming-platform provider Roku (ROKU) in a cash-and-stock transaction valued at $160 per share—approximately $25 billion, or about ₩38 trillion. The consideration is split roughly 60% in cash and 40% in Fox stock. Under the deal, Roku shareholders will receive $96 in cash plus 0.9693 Fox Class A shares for each Roku share. Upon closing, expected in the first half of 2027, Fox investors will own about 73% of the combined company and Roku investors about 27%. Fox plans to fund the deal through new equity issuance, new debt, existing cash and has secured $12 billion of bridge financing. The company is targeting a net leverage ratio of 2.8×, roughly $400 million in annual cost synergies, incremental revenue growth and higher free cash flow within two years of closing. Roku founder Anthony Wood will join Fox’s board and remain active in management post-transaction.

On June 11, Fox disclosed that it has extended Chairman and CEO Lachlan Murdoch’s contract through 2030 and revamped its C-suite compensation framework. The stock showed short-term volatility following the announcement. Separately, Fox has secured U.S. broadcast rights for regular-season NFL games held in Mexico starting in the 2026 season, and continues to bolster its live-sports and news portfolio alongside its ad-supported streaming service, Tubi.

Fox is a leading U.S. media group offering news, sports and entertainment content through Fox News, Fox Sports and its broadcast networks, and has steadily expanded its ad-supported streaming and digital-platform businesses. The proposed Roku acquisition represents a landmark deal in the global media industry’s consolidation of content and platforms across the connected-TV (CTV) and streaming markets, and is poised to reshape the fiercely competitive CTV ecosystem in advertising, data and platform capabilities.