Fox to Acquire Roku in 22 Billion Cash and Stock Deal
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Fox to Acquire Roku in 22 Billion Cash and Stock Deal

ByMarcus Holloway

Fox Corporation will acquire Roku for 160 United States dollars per share in a cash and stock transaction valuing the streaming-device and platform company at approximately 22 billion United States dollars in enterprise value, the two companies announced on Monday, June 15, 2026, Fox Business confirmed in its evening release. The boards of both companies unanimously approved the deal.

Roku shareholders will receive 96 United States dollars in cash plus 0.9693 shares of Fox Class A common stock for each Roku share. Sixty percent of the total consideration, or 15 billion United States dollars, is cash, with the remaining forty percent paid in roughly 152 million Fox Class A shares.

On a post-close basis, existing Fox shareholders will hold approximately 73 percent of the combined company and Roku shareholders the remaining 27 percent. The transaction is expected to close in the first half of calendar year 2027, subject to shareholder votes and Hart-Scott-Rodino antitrust review.

This is a defining moment for FOX, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade.

That language from Fox Corporation Executive Chair and Chief Executive Officer Lachlan Murdoch, included in the Monday-evening press release, places the deal at the center of the Fox post-2019-spinoff growth strategy. Murdoch's framing positions the Roku platform as the missing direct-to-consumer infrastructure layer beneath the Fox sports, news, and broadcast portfolio.

Over the past two decades, we've built Roku into the leading TV streaming platform, reaching more than 100 million households globally and reshaping how people discover and enjoy entertainment.

Roku Founder, Chair, and Chief Executive Officer Anthony Wood used his portion of the joint release to anchor the deal in the post-2002 build that turned the platform into the largest streaming-OS distribution layer in the United States. Roku ended its most-recent quarter with more than one hundred million active accounts across its operating-system installed base.

The transaction is structured to be accretive to Fox free cash flow per share by the second full year after closing, with roughly four hundred million United States dollars of expected run-rate cost synergies and what the companies describe as additional revenue upside from the combined advertising-and-distribution footprint.

The strategic logic for Fox rests on bolting the company's live-news-and-sports broadcast strength onto a streaming operating system that already sits inside more than half of all United States connected-TV households. The combined entity would route Fox content, Fox advertising inventory, and Fox subscription services through the same Roku Channel and Roku OS interface that the platform's existing households see at first boot.

For Roku, the deal answers the long-running structural question of how a standalone connected-TV platform competes with the integrated streaming services of Amazon, Apple, and Google. The Fox acquisition gives Roku a permanent first-party-content pipeline and the balance-sheet support of the parent broadcast group at a moment when streaming-platform consolidation has been accelerating across the post-2024 cycle.

Regulatory review will be the most-watched element of the closing-window calendar. The Hart-Scott-Rodino review tests vertical-integration concerns that the Federal Trade Commission and Department of Justice have been working through across the broader media-and-streaming sector, with the post-Paramount-Skydance and Comcast-Versant transactions providing the structural precedent the agencies will be applying.

What sits ahead is the proxy-vote scheduling for both Fox and Roku shareholders, the regulatory filing-and-review window across the second half of 2026, and the operational integration planning the combined company has to run in parallel to keep the Roku platform's existing third-party content relationships intact. Whether the combined entity rebrands the platform layer or preserves the Roku name will be the most-watched commercial-positioning question of the post-announcement window.

Marcus Holloway is NevaPress's business and markets editor. His work centers on the intersection of public-company quarterly cycles, M&A activity, and the macro policy that shapes corporate earnings on both sides of the Atlantic. He has spent eleven years covering US and UK financial markets, with prior bylines at major business outlets, and his analytical features regularly trace the second-order effects of major regulatory shifts on the FTSE 100 and the S&P 500 constituents. Marcus reads the trade press in the trade press's own language.

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