Fox to acquire Roku for $160/share, ~$22B enterprise value, close expected H1 2027

Fox Corp

Transaction values Roku at $160 per share ($96 cash + 0.9693 FOX shares), with total enterprise value of ~$22B.
Upon close, Fox shareholders expected to own ~73% of combined company; Roku shareholders ~27%.
Expected to generate ~$400M run-rate cost synergies; accretive to free cash flow per share by second full year post-close.
Fox obtained $12B fully committed bridge financing from Morgan Stanley; target pro forma net leverage ~2.8x.
Roku founder/CEO Anthony Wood will have ongoing role and join Fox board; deal unanimously approved by both boards.

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