&imwidth=800&imheight=600&format=webp&quality=medium "Fox agrees to buy Roku for $22 billion deal to expand streaming and Live TV reach")
Fox Corporation has agreed to acquire streaming platform Roku in a USD22 billion deal, a move that is expected to strengthen the American media giant as a force to reckon with in the live news and sports as well as streaming industry. Under the agreement, Fox will purchase Roku for USD160 a share through a mix of cash and FOX Class A common stock, according to a company statement.
"This is a defining moment for FOX, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade," Lachlan Murdoch, executive chair and CEO, Fox Corporation, said. As part of the transaction, Roku shareholders will receive $96 in cash and 0.9693 shares of Fox Class A common stock for each Class A and Class B Roku share they own.
"In 2020, we acquired Tubi, and under our stewardship, it has become one of the most successful businesses in streaming. Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it," Lachlan added.
Also read: UK government to bar all under-16s from major social media platforms, Keir Starmer announces
What will the acquisition cover?
The companies said Roku will continue to operate as an open, partner-friendly platform while also carrying Fox content. Fox stated that the acquisition will bring together its portfolio of sports, news, entertainment programming, and the Tubi streaming service with Roku’s connected TV platform, The Roku Channel, extensive first-party data, and direct access to more than 100 million streaming households worldwide.
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The merger is expected to create a major player in the rapidly growing streaming and connected TV industry, combining Fox's vast content library with Roku's technology capabilities and consumer-facing platform. "I'm incredibly proud of what our team has built, and the combination with FOX is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers," Anthony Wood, founder and CEO of Roku, said. The transaction is subject to a nod from both Fox and Roku shareholders and US and some non-US regulatory approvals.
