Fox Corporation (FOX) shares fell 14.65 percent, losing $8.63 to $50.29 on Monday after the media company announced a definitive agreement to acquire Roku in a cash-and-stock transaction valued at approximately $22 billion in enterprise value.
The stock is currently trading at $50.29, compared with its previous close of $58.92 on the Nasdaq. During the session, shares opened at $52.47 and traded between $48.31 and $52.87. Trading volume reached 3.24 million shares, significantly above its average daily volume of 1.33 million shares.
Under the agreement, Fox will pay $160.00 per Roku share, combining its portfolio of sports, news, entertainment, and Tubi streaming assets with Roku's connected TV platform and streaming ecosystem.
Fox shares have traded between $48.31 and $68.18 over the past 52 weeks.
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