Streaming Platform Embraces Fox: Merger Gains Momentum with Owner Equity Lockup

Anthony Wood and several Wood family trusts entered into a voting and support agreement with Fox Corporation on June 14, under which they committed to vote their Roku Class A and Class B common shares in favor of the merger with Fox, subject to certain conditions. They also agreed to restrictions on share disposition, the termination of existing 10b5-1 trading plans, the waiver of appraisal rights, and the non-solicitation of competing proposals—effectively locking up their support until the merger closes or the agreement terminates.

At the same time, Roku President of Media Charles Collier and CEO Anthony J. Wood executed stock-option exercises and sold common shares under their 10b5-1 plans, securing millions of dollars—equivalent to several tens of billions of Korean won—in cash. Wood also converted and sold some Class B shares into Class A shares, while still retaining a substantial economic interest in the company through multiple family and pension trusts.

In mid-June, Fox Corporation agreed to acquire Roku in a cash-and-stock transaction valued at approximately $22 billion (around ₩30 trillion). Under the terms of the deal, Roku shareholders will receive merger consideration of about $160 per share.

The transaction, which requires regulatory and shareholder approvals, is expected to close in the first half of 2027. Fox and Roku plan to combine Fox’s sports and news content with Roku’s TV operating system and advertising platform to expand ad-supported free streaming and connected-TV advertising businesses.

Roku, Inc. (ROKU) is a U.S.–based connected-TV platform company that offers streaming devices and the Roku OS for televisions, operating an advertising and content-distribution channel that reaches tens of millions of households nationwide.

The connected-TV and ad-supported streaming market is highly competitive, with big tech and media companies—such as Alphabet, Amazon, and Walmart—vying for control over operating systems and ad inventory. Fox’s acquisition of Roku reflects the broader industry trend toward integrating platforms and content to reshape the market.