Fox Completes Acquisition of Roku: Streaming Reach Tops 100 Million Households, Roku Shares Cease Trading
Fox Corporation announced on November 6 that it has successfully completed its acquisition of streaming platform company Roku, Inc. The deal combines Fox's premium live sports, news and local programming with Roku's open connected TV platform reaching more than 100 million households worldwide, making Fox one of the leading streaming businesses in the United States, inclusive of Roku, Tubi and FOX One.
Under the terms of the merger agreement, Roku stockholders are entitled to receive $95.30 in cash and 0.9799 shares of Fox Class A common stock for each share of Roku Class A or Class B common stock they held immediately prior to closing. As a result, Fox stockholders own approximately 74% of the outstanding shares of the combined company and former Roku stockholders own approximately 26%. Roku shares cease trading on the Nasdaq as of today.
Fox expects to achieve approximately $400 million of run-rate cost synergies within two years following the close, with additional potential revenue upside, and anticipates the transaction will be accretive to free cash flow per share by the second full year after closing. The company said Roku will continue to play its role as a leading open ecosystem for the broader streaming industry, preserving the choice it offers viewers and the value it provides to content partners.
Roku founder Anthony Wood will join the Fox board of directors and serve as Co-Chair of the newly formed FOX Digital Platforms division, which includes Roku, Tubi, FOX One, Red Seat Ventures and other digital products and services, alongside Paul Cheesbrough, who assumes the role of Co-Chair and CEO of the division.
"The closing of this acquisition advances the long-term strategy of FOX," said Lachlan K. Murdoch, Executive Chair and Chief Executive Officer of Fox Corporation. "Beginning today, our top priority for the combined company is to continue to relentlessly serve audiences and partners, while reinforcing the openness and choice that is the essence of the Roku platform." Wood added: "We started Roku more than two decades ago to give people a better way to watch TV, and that mission doesn't change today. What does change is our reach and resources."
GSM reported on October 16 that the roughly $22 billion acquisition had won approval from both companies' shareholders and was still awaiting U.S. Department of Justice antitrust review; the completion announced today means the transaction has now closed.
Related: Fox's $22 Billion Roku Acquisition Wins Shareholder Approval, DOJ Review Pending
(Source: Fox Corporation)
Source: Fox Corporation
Published by GSM · USA (original Chinese edition)
Photo: 图：福克斯公司总部所在的纽约美洲大道1211号大楼。Coolcaesar 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Photo: 1211 Avenue of the Americas in New York, home to Fox Corporation headquarters. Photo by Coolcaesar, CC BY-SA 3.0, via Wikimedia Commons.
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