FOX Corp. purchases Roku for $22 Billion

Image provided by Roku

The following report was written by Gemini AI and reviewed by an editor at Sypnotix.

NEW YORK and SAN JOSE, Calif. – June 15, 2026 – FOX Corporation (Nasdaq: FOXA, FOX) and Roku, Inc. (Nasdaq: ROKU) today announced they have entered into a definitive agreement under which FOX will acquire Roku in a cash-and-stock transaction valuing the streaming pioneer at approximately $22 billion in enterprise value.

The blockbuster deal combines FOX’s leading portfolio of live sports, news, and entertainment networks—as well as its ad-supported streaming service, Tubi—with Roku’s massive connected TV footprint, The Roku Channel, and its valuable first-party data. On a pro forma basis, the combined company will become the third-largest player in U.S. television by share of viewing, positioning FOX at the forefront of the streaming era while maintaining its dominance in traditional broadcast environments.

Under the terms of the agreement, FOX will acquire Roku for $160.00 per share. Roku shareholders will receive $96.00 in cash and 0.9693 shares of FOX Class A common stock for each Roku share outstanding. Upon completion of the transaction, existing FOX shareholders will own approximately 73% of the combined company, while Roku shareholders will own roughly 27%.

Both companies emphasized their commitment to maintaining Roku as an open, partner-friendly platform that supports channels and content from rival providers.

The acquisition is expected to generate approximately $400 million in annual cost savings and be accretive to FOX’s free cash flow per share by the second full year after closing. FOX intends to fund the cash portion of the transaction through a combination of new debt and cash on hand, supported by $12 billion in fully committed bridge financing.

The transaction has been unanimously approved by the boards of directors of both companies and is subject to customary closing conditions, including regulatory approvals and approval by both FOX and Roku shareholders. The deal is expected to close in the first half of 2027.