Fox to buy streaming pioneer Roku in a $22 billion deal
Summary
Fox Corporation has agreed to buy streaming company Roku in a deal worth about $22 billion, combining cash and stock payments. The companies say Roku will keep operating as a platform open to partners, and the merger will create the third-largest U.S. TV viewing company.Key Facts
- Fox will pay $96 in cash and nearly one share of Fox stock for each Roku share.
- The deal values Roku at about $160 per share and totals roughly $22 billion including debt.
- After the deal, Fox shareholders will own about 73% of the new company, and Roku shareholders will own about 27%.
- The merger is expected to finish in the first half of next year, pending shareholder and regulatory approvals.
- Roku will keep running as an open platform, with Roku CEO Anthony Wood staying on and joining the Fox board.
- Fox gains access to Roku’s streaming platform, which reaches over 100 million households worldwide.
- The combined company will be the third-largest U.S. television player by viewing share.
- Fox currently operates a large network of sports, news, and entertainment channels, and owns Tubi, a streaming service it bought in 2020.
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