Murdoch's Fox Pursues $30 Billion Roku Acquisition

Nasdaq‐listed Fox Corporation (NASDAQ: FOXA) has agreed to acquire streaming platform Roku for $160 per share, representing a total transaction value of about $25 billion (approximately ₩35 trillion) in a combination of cash and stock. The deal has already received approval from both companies’ boards and is expected to close in the first half of 2027, subject to regulatory and shareholder approvals.

Under the terms of the agreement, Roku shareholders will receive $96 in cash per share (roughly ₩130,000–₩140,000), with the balance paid in Fox Class A common stock. The consideration mix is approximately 60 percent cash and 40 percent stock. Roku founder Anthony Wood will remain with the company in a management role and will join Fox’s board of directors upon closing.

Fox plans to finance the transaction through a roughly $12 billion bridge loan, additional debt, new equity issuance, and available cash. After closing, the company aims to maintain a net-debt-to-last-twelve-months EBITDA ratio of about 2.8x, realize annual cost synergies of around $400 million (₩500 billion–₩600 billion), and drive increased free cash flow within two years. Entities affiliated with the Murdoch family—including Cruden 2 and LGC Holdco, which together hold about 38.7 percent of Class B shares—have entered into voting agreements to support Fox’s share issuance for the Roku deal and to oppose any competing bids. On June 30, Fox also executed a term‐loan credit agreement to finalize its acquisition financing.

On May 11, Fox reported third-quarter fiscal 2026 results for the quarter ended March 31. Then on June 18, the company announced a “strong” outcome for its 2026–2027 U.S. TV advertising upfront sales, noting that linear channels achieved low single-digit ad volume growth while its free, ad-supported streaming service Tubi delivered double-digit increases.

Fox is a leading U.S. media group producing and distributing news, sports, and entertainment through assets such as Fox News, Fox Sports, its broadcast network, and the streaming service Tubi. In an industry marked by consolidation to capture growth in connected TV and ad-supported streaming, Fox says the Roku acquisition will bolster its position in connected-TV distribution and streaming advertising.