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Fox Corporation agreed to acquire Roku for $160 per share in a cash-and-stock deal that values the streaming platform at approximately $22 billion in enterprise value, the companies said on Monday.

Each Roku share will be exchanged for $96 in cash plus 0.9693 Fox Class A common stock shares. Fox priced the stock component at $64 per Roku share, derived from a reference price of $66.03 per Fox share โ€” the 10-day volume-weighted average as of June 10, 2026. At $160 per share total, the bid comes in 11.4% above where Roku last closed, per CNBC.

Upon closing, existing Fox shareholders are expected to own approximately 73% of the combined company, with Roku shareholders holding the remaining 27%, the company said. The transaction has been approved by the boards of both companies and is expected to close in the first half of 2027, pending shareholder and regulatory approvals.

Fox expects to fund the cash portion with new debt and cash on hand. Morgan Stanley Senior Funding has provided $12 billion in fully committed bridge financing to support the acquisition. The company said it expects pro forma net leverage of approximately 2.8x at closing and anticipates the deal will be accretive to free cash flow per share by the second full year after closing, with approximately $400 million in run-rate cost synergies.

The combined company would become the third-largest player in U.S. television by share of viewing, the company said. Together, Fox's content portfolio โ€” which includes NFL, MLB, NASCAR, FOX News and the Tubi streaming service โ€” would be paired with Roku's connected TV platform, The Roku Channel, and Roku's first-party data and advertiser relationships.

Fox CEO Lachlan Murdoch said in a statement: "This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile."

Roku Founder, Chairman and CEO Anthony Wood will retain a role at the combined company and join the Fox board of directors following the close of the transaction. Wood and entities holding at least a majority of Roku's voting power have entered into a voting and support agreement to back the deal, the company said.

Last year, Roku's platform segment accounted for 87.5% of total company revenue, or $4.1 billion, according to Bloomberg. Within that segment, digital advertising leads all revenue categories; in the first quarter alone it brought in $613 million, a 27% increase from the same period a year earlier.