Fox Corp agreed to acquire Roku for $22B at $160 per share in cash and stock, merging Roku with Tubi. Piper Sandler, JPMorgan and KeyBanc downgraded Roku to neutral ratings at the $160 offer, while Jefferies flagged minimal antitrust risk and a projected third-largest U.S. TV share.
Fox Corp will purchase Roku for $160 per share, valuing the transaction at $22 billion in cash and stock. The deal merges Roku’s streaming platform with Tubi’s ad-supported service, creating a combined offering poised to reach tens of millions of viewers.
Several firms, including Piper Sandler, JPMorgan and KeyBanc, moved Roku to Neutral or Market Perform to reflect the $160 deal price. Evercore lowered its target to $160 and Jefferies shifted to Hold, citing minimal antitrust hurdles for the merger.
The combined operation is expected to rank third in U.S. television viewing share, spanning broadcast networks, cable channels, local stations and streaming. Executives emphasize complementary content libraries and increased advertising scale as key drivers of long-term growth.
