FOX CORPORATION TO ACQUIRE ROKU, INC.

Fox Corporation has announced a definitive agreement to acquire Roku, Inc. for $160.00 per share, which values the streaming company at approximately $22 billion in enterprise value. The transaction, which combines Fox's extensive portfolio of sports, news, and entertainment content with Roku's leading streaming platform, is expected to close in the first half of calendar year 2027. The deal structure includes a payment of $96.00 in cash and 0.9693 shares of Fox Class A common stock for each Roku share.

This acquisition marks a significant strategic move for Fox Corporation, which has been actively reshaping its business model to focus on live news and sports content. By integrating Roku's platform, which reaches over 100 million households globally, Fox aims to create one of the largest streaming businesses in the U.S. The combination of Fox's premium live content, including major sports leagues and news programming, with Roku's advanced streaming technology and audience reach is expected to enhance viewer engagement and monetization capabilities.

Roku, a pioneer in the streaming TV sector, has established itself as a leading connected TV platform. The merger is anticipated to accelerate Roku's growth trajectory, allowing it to leverage Fox's content library and advertising expertise. The deal aligns with broader industry trends, as media companies increasingly seek to consolidate their positions in the fast-evolving streaming landscape, characterized by rising consumer demand for on-demand content and live programming.

The strategic rationale behind this acquisition is underscored by the growing importance of connected TV and advertising revenues in the media sector. By acquiring Roku, Fox not only enhances its content distribution capabilities but also positions itself to capture a larger share of the lucrative advertising market associated with streaming services. This move is expected to create a more powerful streaming platform, combining Fox's content strengths with Roku's user interface and technology.

As the media landscape continues to evolve, this acquisition signals a broader trend of consolidation among media companies seeking to adapt to changing consumer preferences. The combined entity is poised to benefit from increased scale and reach, potentially transforming the competitive dynamics of the U.S. streaming market. With both companies committed to maintaining Roku's open platform and expanding its distribution, the deal is likely to have lasting implications for content creators, advertisers, and consumers alike.