secwatch.observer — SEC 8-K summary
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Issuer:     ROKU, INC (ROKU)
CIK:        0001428439
Form:       8-K
Filed at:   2026-10-06T20:40:34+00:00
Accession:  0001140361-26-038812
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.30
Item codes: 8.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1428439/000114036126038812/0001140361-26-038812-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1428439/000114036126038812/ef20083345_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-26-038812

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