Fox Closes Roku Acquisition, Draws $10.4 Billion in New Debt
Company Background
Fox Corporation operates Fox News, Fox Sports, the Fox broadcast network, the Tubi free streaming service, and local television stations across the United States. For the fiscal year ended June 30, 2026, Fox generated $17.1 billion in revenue and $3.9 billion in Adjusted EBITDA. The most recent quarter, ended September 30, 2026, showed revenue of $4.57 billion — up 22% year-over-year — and Adjusted EBITDA of $1.64 billion, a 54% increase, driven in part by the FIFA Men's World Cup broadcast and strong political advertising.
Going into the merger, Fox carried approximately $6.6 billion in long-term borrowings. The company announced the definitive agreement to acquire Roku on June 14, 2026, at a stated enterprise value of approximately $22 billion, with Roku stockholders to receive a combination of FOX stock and cash. Fox shareholders approved the stock issuance on October 14, 2026, with 99.9% of votes cast in favor. The U.S. Department of Justice issued a Second Request on September 8, 2026, extending the antitrust review; the deal's closing confirms that regulatory clearance was obtained.
What Was Disclosed
Fox completed the Roku acquisition on November 5, 2026. Under the final merger consideration — adjusted from the original terms to account for dissenting shares — each Roku share was converted into 0.9799 shares of FOX Class A common stock and $95.30 in cash. In aggregate, Fox will issue approximately 144.5 million new shares and pay approximately $14.1 billion in cash to former Roku stockholders, exclusive of amounts related to equity awards and dissenting shares. Former Roku stockholders now own approximately 26% of the combined company, with existing Fox stockholders holding the remaining 74%.