$FOX · Fox Corp
Fox Corporation filed an 8-K announcing completion of its previously announced acquisition of Roku, Inc. on November 6, 2026. Roku stockholders received $95.30 in cash and 0.9799 shares of FOX Class A common stock per Roku share, leaving FOX stockholders with ~74% and former Roku stockholders ~26% of the combined company. To fund the cash portion, FOX amended its term loan agreement, increasing commitments from $1.0B to $2.0B and borrowing $2.0B, and entered a bridge credit agreement. Roku founder Anthony Wood joins the FOX board and will co-chair the new FOX Digital Platforms division.
- Roku stockholders received $95.30 cash plus 0.9799 FOX Class A shares per Roku share.
- FOX stockholders own ~74% of combined company; former Roku stockholders ~26%.
- Term loan commitments increased from $1.0B to $2.0B, with $2.0B borrowed at closing.
- FOX expects ~$400M run-rate cost synergies within two years of close.
- Roku founder Anthony Wood joins FOX board and co-chairs FOX Digital Platforms.
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The deal transforms FOX into a scaled streaming and connected TV player, materially shifting its business mix toward high-growth digital verticals.
The deal combines FOX's live sports, news and local programming with Roku's open connected TV platform reaching 100M+ households, positioning FOX among leading U.S. streaming businesses alongside Tubi and FOX One.
Integration risk is substantial: FOX must absorb a significantly larger business, manage new lines of business, and address significant combined indebtedness and deleveraging targets. Failure to realize synergies or retain key personnel and counterparty relationships could cause results to differ materially.