Fox to Buy Roku for $22B at $160 Per Share, Closing in H1 2027
ROKU•Fox agreed to acquire Roku in a $22B cash-and-stock deal at $160 per share—$96 cash plus $64 Fox Class A stock—with closing due H1 2027. Roku shares will trade near the $160 offer price, exposing investors to deal execution risk until closing and potential financing hurdles.
1. Deal Structure
Fox will acquire Roku for $22 billion in a combined cash-and-stock transaction valuing each Roku share at $160, comprising $96 in cash and $64 in Fox Class A stock. The deal positions the combined entity as the third-largest U.S. television company by viewing share, integrating Roku’s streaming platform with Fox’s sports and entertainment assets.
2. Timeline and Risks
The transaction is slated to close in the first half of 2027, subject to regulatory approvals and shareholder votes. Key execution risks include potential antitrust scrutiny, financing conditions, and market volatility that could delay or alter deal terms.
3. Shareholder Implications
Roku shareholders are expected to see the stock trade near the $160 offer price until closing, limiting upside potential. Investors must weigh the guaranteed premium against the risk of deal failure or renegotiation before the closing date.
