Fox Corporation (NASDAQ:FOXA) (NASDAQ:FOX) on Monday agreed to acquire Roku Inc.
(NASDAQ:ROKU) in a cash-and-stock transaction valued at approximately $22 billion in enterprise value.
Following the announcement, the stock plummeted nearly 10%.
The move is designed to expand Fox's presence in streaming and connected television while combining its sports, news, and entertainment portfolio with Roku's platform and audience reach.
Anthony Wood, Roku's founder, chairman, and CEO, will continue to have a role at the combined company and is expected to join the Fox board of directors after the transaction closes.
