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Fox Corporation is buying streaming platform Roku in a USD22 billion deal that would make the American media giant a force to reckon with in the live news and sports as well as streaming industry.
Fox will acquire Roku for USD160 a share in a combination of cash and FOX Class A common stock, the company said in a release. "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. The deal will see Fox paying USD96 in cash and 0.9693 shares of Fox Class A common stock for each Roku Class A and Class B share. "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. The transaction is committed to keep Roku as an open, partner-friendly platform that will also distribute Fox content. "The deal will combine Fox's sports, news and entertainment content and the Tubi service, with Roku's leading connected TV platform, The Roku Channel, first-party data and direct relationship with more than 100 million global streaming households," Fox Corporation said. The deal will make Fox a dominant player in the fast-growing streaming and connected TV space combining the breadth of content that Fox has with the streaming platform's technology and consumer interface. "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. (ANI)
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