Fox has completed its acquisition of Roku, combining its news, sports and entertainment programming with Roku’s connected-TV platform, which serves more than 100 million households worldwide. The company says the deal expands its streaming and digital businesses and creates new ways to reach viewers, advertisers and content partners. It expects about $400 million in annual cost savings within two years of closing and says the transaction should increase free cash flow per share by the second full year. Those targets depend on successful integration and are subject to risks including disruption to existing operations, retaining employees and partners, and managing greater debt and complexity.
Fox says Roku will remain an open platform offering viewers and content partners choice, rather than becoming a closed distribution service. Roku founder Anthony Wood joins Fox’s board and will co-chair the newly formed FOX Digital Platforms division with Paul Cheesbrough, who will also serve as its co-chair and CEO. That division includes Roku, Tubi, FOX One, Red Seat Ventures and other digital businesses. Under the merger terms, each Roku share was exchanged for $95.30 in cash and 0.9799 shares of Fox Class A stock; former Roku investors hold about 26% of Fox’s outstanding shares, while existing Fox investors hold about 74%. Roku shares are to stop trading on Nasdaq following the closing.
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