Fox Corp. will acquire Roku for $160 a share in cash and stock in a deal that brings a traditional TV company that once avoided streaming into a new competitive position in the broadband frontier.
“This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile,” said Fox CEO Lachlan Murdoch, in a statement. ” And we are executing this acquisition from a position of financial strength — maintaining our investment grade balance sheet while providing our shareholders with an uninterrupted return of capital program in the form of share buybacks and dividends. Roku pioneered streaming TV and scaled it into a leading CTV platform. Together, we intend to lead its next chapter.”
More to come…
