The companies said Fox would pay $160 for each Roku share, split between $96 in cash and $64 in Fox Class A stock. The offer values Roku at about $22bn in enterprise value, the measure that includes equity and debt, and is expected to close in the first half of 2027 if shareholders and regulators approve it.
Roku deal consideration per share. Source: Fox Corporation, June 2026.
The structure tells much of the story. Fox said existing Fox shareholders would own about 73% of the combined company after closing, with Roku shareholders holding roughly 27%. It has lined up $12bn in committed bridge financing from Morgan Stanley Senior Funding to fund the cash portion, while saying its shareholder capital return programme and investment-grade rating would continue.
Roku is valuable to Fox because it sits between viewers, apps and advertisers. The companies said Roku reaches more than 100mn global streaming households and gives Fox a direct consumer interface, first-party data and a connected-TV advertising business. The Associated Press reported that Fox would gain Roku's platform, The Roku Channel and data assets, while Fox brings a portfolio of sports, news and entertainment programming and Tubi, which it bought in 2020.
That makes the transaction a distribution deal before it is a content deal. Fox sold most of its entertainment studio assets to Disney in 2019 and has since leaned on live news, sports and free ad-supported streaming rather than trying to match Netflix or Disney title for title. Roku gives it a larger surface on which to promote, package and sell those assets at a time when television viewing keeps moving away from traditional cable bundles.