By MICHELLE CHAPMAN, AP Business Writer
Fox Corp. is buying streaming platform Roku in a cash-and-stock deal valued at approximately $22 billion.
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The deal announced Monday will give Fox access to the Roku channel, first-party data and more than 100 million global streaming households. Fox is a media giant that includes sports, news and entertainment content as well as Tubi.
Fox will pay $96 in cash and 0.9693 shares of its Class A common stock for each Roku Class A and Class B share outstanding. The transaction is valued at $160 per Roku share.
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Existing Fox shareholders are expected to own approximately 73% of the combined company and Roku shareholders will own about 27%, once the deal closes.
The deal is expected to close in the first half of next year. It still needs approval from Fox and Roku shareholders and also regulatory approval.
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