$FOX · Fox Corp
Fox Corporation closed a public offering of $8.4B aggregate principal of senior notes across seven tranches maturing 2029 through 2066, with coupons from 5.625% to 7.300%. Net proceeds of approximately $8.32B, plus cash on hand, repaid the $8.4B senior unsecured bridge facility used to partially finance the November 6, 2026 acquisition of Roku, Inc. The notes are senior unsecured obligations, not guaranteed by subsidiaries at issuance, and were sold via an underwriting agreement with Morgan Stanley, Citigroup, Deutsche Bank, Goldman Sachs, and J.P. Morgan.
- Seven tranches total $8.4B principal, maturing 2029 through 2066.
- Coupons range from 5.625% (2029) to 7.300% (2066).
- Net proceeds were approximately $8.32B after underwriting discount and expenses.
- Proceeds plus cash on hand repaid the $8.4B bridge facility for the Roku acquisition.
- Notes are senior unsecured and not guaranteed by subsidiaries at issuance.
Extended-hours last trade $62.08, up 1.59% vs regular close and 1.54% vs price-at-filing, suggesting the market views the permanent financing of the Roku deal as a non-event or modest positive.
Fox is permanently financing its Roku acquisition with $8.4B of new long-dated debt, locking in elevated coupons that will weigh on interest costs for decades.
The long-dated, high-coupon tranches (up to 7.300% for 2066) reflect a media company taking on substantial leverage to fund a streaming acquisition, consistent with sector consolidation toward streaming assets.
The $8.4B debt load raises leverage and interest expense; notes are unsecured and unguaranteed at issuance, with change-of-control repurchase obligations at 101% of principal.