Fox Corp acquires Roku for $22 billion to expand streaming reach
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WATCH LIVE
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Summary
Fox Corp is acquiring Roku in a cash-and-stock deal valued at approximately $22 billion ($160 per share), giving the cable TV company direct access to Roku's 100+ million streaming households. The deal aims to strengthen Fox's position as audiences shift from traditional cable to digital streaming, allowing Fox to better sell targeted ads and reduce reliance on traditional distribution channels. Fox shares dropped 8% in premarket trading following the announcement.
Key quotes
· 3 pulledFox Corp is buying Roku in a cash-and-stock deal valued at about $22 billion in a bet that pairing its sports and news programming with a top TV streaming platform will strengthen its position as audiences shift online.
The deal, announced on Monday, gives the cable TV-reliant Fox direct access to Roku's large installed base of more than 100 million streaming households, helping it better sell targeted ads and reduce reliance on traditional distribution.
Fox will acquire Roku for $160 per share, representing a premium of 11.4% to Roku's last close.
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