Fox Corporation just made the biggest bet of the streaming wars era. The media giant announced on June 15 that it will acquire Roku, the connected TV platform company, in a deal valued at $22 billion including debt.
The price tag: $160 per Roku share, split between $96 in cash and 0.9693 Fox Class A shares per Roku share. When complete, Fox shareholders will own roughly 73% of the combined company.
The deal structure and market reaction
Fox shares dropped about 13% in premarket trading after the announcement. Roku shares, predictably, moved in the opposite direction, rallying on the news.
The transaction is expected to close in the first half of 2027, contingent on both regulatory approval and shareholder votes. Fox is projecting approximately $400 million in run-rate cost synergies from the combination, and says the deal should be accretive to free cash flow per share by the second full year after closing.
