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Fox (FOXA) Is Buying Roku For $22 Billion To Expand Its Streaming Reach
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Fox Corporation agreed to acquire Roku in a $22b all stock deal, creating a combined media and technology group focused on streaming.
The transaction gives Fox access to Roku's connected TV operating system, advertising tools, and streaming household reach.
The companies plan to keep Roku's open platform model, while integrating Fox's content and advertising relationships.
For investors watching Fox (NasdaqGS:FOXA), this deal comes at a time when the stock is trading at $56.48 and has moved sharply in the short term, up 15.6% over the past week but down 14.0% over the past month. Over longer periods, returns of 72.3% over three years and 68.7% over five years highlight how materially different the picture can look depending on your time frame.
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CNBC's Lillian Rizzo: Leagues like NFL 'need to lean in' to new distribution models like Fox-Roku
Fox Sports has seemingly gotten a big boost from its parent company’s acquisition of Roku, bolstering the pitch the company can make to leagues like the NFL and MLB.
While questions remain about the still-smaller scale of the Fox Corp. business in comparison to Disney’s ESPN and especially streamers like Netflix, YouTube and Prime Video, the longtime broadcaster of NFL Sundays, the World Series and big-time college football should be able to use the Roku acquisition to improve its advertising business and overall distribution reach.
In an appearance on Awful Announcing’s podcast, The Play-By-Play LIVE, last week, CNBC reporter Lillian Rizzo laid out Fox’s formula with the Roku deal and why the onus is also partially on leagues to “lean in” to more creative distribution models like the one Fox could soon offer with its linear and cable networks alongside Roku Channel, Tubi and its Fox One app.
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