$ROKU jumps 20% as Fox agrees $22B acquisition at $160/share

$ROKU’s 20.0% move and Fox’s $22B enterprise-value tag put the deal inside the Tier-1 M&A filter. Fox Corporation $FOXA, $FOX and Roku $ROKU said in a June 15, 2026 joint release that Fox will acquire Roku for $160.00 per share in cash and Fox Class A common stock. The companies said the transaction values Roku at approximately $22B in enterprise value.

The equity reaction was immediate. $ROKU market data showed the stock at $143.66 at 12:46 UTC, up $23.94 from the prior close, or 20.0% on a calculated basis. At the same time, $FOXA traded at $65.85, down $2.45, while Fox Class B stock $FOX traded at $58.92, down $2.42. CNBC also reported the transaction as a roughly $22B enterprise-value acquisition.

The consideration is split between $96.00 in cash and 0.9693 Fox Class A shares for each Roku Class A and Class B share outstanding immediately before the merger becomes effective. The release says the stock component represents $64.00 per Roku share, based on a $66.03 reference price equal to Fox Class A’s 10-day volume-weighted average price as of June 10, 2026. After closing, existing Fox shareholders are expected to own about 73% of the combined company, and Roku shareholders about 27%.

The financing terms are large enough to matter for Fox’s balance sheet. Fox expects to fund the cash portion with new debt and cash on hand and said it has obtained $12.0B of fully committed bridge financing from Morgan Stanley Senior Funding. The company expects pro forma net leverage of about 2.8x at closing, including 50% credit for run-rate cost synergies. Fox also said the deal should be accretive to free cash flow per share by the second full year after closing and deliver about $400M of annual run-rate cost synergies.

The strategic rationale is distribution. Roku reaches more than 100M global streaming households, while Fox brings live sports, news, entertainment, and Tubi. The companies said the combined group would become the third-largest U.S. television player by share of viewing on a pro forma basis. The next data points are Fox and Roku shareholder approvals, U.S. and selected non-U.S. regulatory reviews, the SEC Form S-4 and joint proxy statement, and whether the companies keep the expected first-half 2027 closing timetable.

Not investment advice. Verify all figures with primary sources before acting.