Fox Corp. (FOXA,FOX) Monday said it has agreed to acquire Roku Inc. (ROKU) in a cash-and-stock transaction valued at approximately $22 billion, combining Fox's sports, news, and entertainment assets with Roku's connected-TV platform.
Under the terms of the agreement, Roku shareholders will receive $160 per share, consisting of $96 in cash and 0.9693 shares of Fox Class A common stock for each Roku share.
Following the transaction, existing Fox shareholders are expected to own about 73% of the combined company, while Roku shareholders will hold approximately 27%.
The deal combines Fox's portfolio of live sports and news programming, including NFL, MLB, NASCAR, FIFA World Cup, and Fox News, with Roku's streaming platform, which reaches more than 100 million global streaming households. The combined company will also include ad-supported streaming services Tubi and The Roku Channel.
Fox expects the acquisition to strengthen its digital and streaming presence, generate approximately $400 million in annual cost synergies, and become accretive to free cash flow per share by the second full year after closing.
The transaction, unanimously approved by both companies' boards, is expected to close in the first half of 2027, subject to shareholder and regulatory approvals. Roku founder and CEO Anthony Wood will join Fox's board following completion of the deal.
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