---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-26-038812"
form_type: "8-K"
ticker: "ROKU"
cik: "0001428439"
company_name: "ROKU, INC"
filed_at: "2026-10-06T20:40:34+00:00"
generated_at: "2026-10-12T16:12:17.200455+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# Roku supplements Fox merger proxy after stockholder demand letters; Qatalyst DCF used 12.5-18% discount rates

## Summary
- Roku received stockholder demand letters alleging omissions or misstatements in the Fox merger joint proxy/prospectus; Roku denies the claims but voluntarily filed supplemental disclosures.
- Qatalyst standalone Roku DCF used 12.5%-18.0% discount rates; Roku projected cash of approximately $2.43 billion as of June 30, 2026 per management.
- Pro forma combined company DCF used 9.0%-13.0% discount rates; estimated combined net debt of about negative $630 million (net cash) as of June 30, 2026, excluding the Mergers.
- New comparable multiples: Netflix 20.4x CY2026E EBITDA ($346.2B EV), Spotify 25.1x ($89.3B), AppLovin 24.3x, Alphabet 19.2x ($4,432.2B), Meta 10.3x, Snap 8.2x.
- Transaction bonuses capped at $13M aggregate, $2M per individual reporting to the CEO and $600K for others; CEO Anthony Wood receives neither transaction nor retention bonus.

## SEC filing metadata
- accession: 0001140361-26-038812
- form_type: 8-K
- ticker: ROKU
- cik: 0001428439
- company_name: ROKU, INC
- filed_at: 2026-10-06T20:40:34+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1428439/000114036126038812/0001140361-26-038812-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1428439/000114036126038812/ef20083345_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-26-038812
- JSON: https://secwatch.observer/filing/0001140361-26-038812.json
- Plain text: https://secwatch.observer/filing/0001140361-26-038812.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.