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Fox’s $25 Billion Roku Takeover Could Be About Ads, Not Just Streaming!

Fox has shifted from cautious streaming participation to a much bigger platform bet with its agreement to acquire Roku (NASDAQ:ROKU) in a cash-and-stock transaction valued at roughly $25 billion. The proposal gives Roku shareholders about $160 per share, made up of $96 in cash and 0.9693 Fox Class A shares. If completed, Fox shareholders would own about 73% of the combined company, while Roku shareholders would own the rest. The deal is expected to close in the first half of 2027, subject to approvals. The timing is important. Fox recently reported a strong fiscal third quarter, with $4 billion in revenue, $954 million in adjusted EBITDA, and continued momentum across Tubi, Fox One, news, and sports. Roku adds more than 100 million global streaming households, a major connected-TV platform, and a large advertising ecosystem. The key question is whether Fox can turn that reach into practical synergies.