$ROKU · ROKU, INC

Roku filed an 8-K on October 6, 2026, voluntarily supplementing disclosures in the Joint Proxy Statement/Prospectus for its pending acquisition by Fox Corporation. The supplements follow demand letters from purported stockholders alleging disclosure deficiencies. Key additions include Qatalyst Partners' DCF discount rate ranges (12.5%-18.0% for standalone Roku; 9.0%-13.0% for the combined company), fully diluted enterprise values for selected comparable companies, Roku's projected cash of ~$2.43B as of June 30, 2026, combined net debt of approximately negative $630M, and caps on transaction/

Extended-hours trading shows ROKU flat at $152.06, suggesting the supplemental disclosures are viewed as procedural cleanup rather than deal-threatening. The $22.56B market cap reflects the Fox merger premium already priced in.

The supplemental disclosures reveal the financial advisor's valuation methodology details that were previously omitted, giving investors fuller context on the Fox merger's fairness ahead of the stock

The Fox-Roku merger would combine a major streaming platform with a legacy media giant. Supplemental disclosures reveal Qatalyst's comparable analysis spanning ad-driven (Alphabet, Meta, Pinterest, Snap), streaming subscription (Spotify, Netflix), and ad-tech (AppLovin, Magnite, Trade Desk) peers.

Additional lawsuits or demand letters may be filed challenging the merger; Roku warns it will not necessarily disclose them unless required by law. The merger itself carries risks including failure to obtain stockholder/regulatory approvals and integration challenges.