Fox Corporation’s proposed acquisition of Roku brings Weil, Gotshal & Manges, Goodwin Procter, Allen & Company, Morgan Stanley, Goldman Sachs and Qatalyst Partners into a $22bn media and technology transaction that would reshape the US streaming market.
Fox and Roku announced on 15 June 2026 that Fox would acquire Roku for $160.00 per share in cash and Fox Class A common stock, valuing Roku at approximately $22bn in enterprise value. 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.
The deal combines Fox’s live news, sports and entertainment portfolio, including Tubi, with Roku’s connected-TV platform, The Roku Channel, first-party data and direct relationship with more than 100 million global streaming households. Fox says the combined company would become the third-largest player in US television by share of viewing, with a wider mix of broadcast, cable, local and streaming distribution.
The adviser roster gives the transaction significant professional weight. Allen & Company is serving as lead financial advisor to Fox Corporation, with Morgan Stanley and Goldman Sachs also advising Fox. Morgan Stanley Senior Funding is committed to providing a $12.0bn bridge financing facility. Weil, Gotshal & Manges is acting as Fox’s legal counsel. Qatalyst Partners is serving as Roku’s exclusive financial adviser, while Goodwin Procter is acting as Roku’s legal counsel.
The announcement also places FGS Global alongside Fox’s media relations response and Joele Frank, Wilkinson Brimmer Katcher alongside Roku’s media relations response, adding further visibility for the communications advisers around the deal. The advisory market gets a high-profile mandate across M&A, financing, securities law, investor relations and regulatory approval work.
Existing Fox shareholders are expected to own approximately 73% of the combined company after closing, with Roku shareholders expected to own approximately 27%. Both boards have unanimously approved the transaction, which is expected to close in the first half of calendar year 2027, subject to Fox and Roku shareholder approvals, US and certain non-US regulatory approvals and other customary conditions.
Anthony Wood, Roku’s founder, chairman and chief executive, is expected to have an ongoing role in the combined company and join the Fox board after the transaction closes. That gives Lachlan Murdoch continuity with the executive most closely tied to Roku’s platform strategy while bringing the business inside a larger media group with deeper sports, news and advertising assets.
Fox expects approximately $400m of run-rate cost synergies, accretion to free cash flow per share by the second full year after closing and pro forma net leverage of approximately 2.8x at closing, including 50% credit for run-rate cost synergies.
The deal turns Fox’s streaming position from content-led participation into a fuller platform strategy built around distribution, advertising technology and direct audience data. Its execution will test whether a legacy media group can absorb a major technology platform without weakening the open, partner-friendly model that makes Roku valuable.
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