Fox Corporation agreed this week to acquire Roku for about $22 billion in enterprise value — $160.00 per share, paid as $96.00 cash plus 0.9693 Fox Class A shares. Fox shareholders will own ~73% of the combined company, Roku holders ~27%, with the deal expected to close in the first half of 2027. The Operator's Edge breaks down why Lachlan Murdoch paid a content company's price for a distribution asset: Roku isn't a streaming service, it's the operating system, ad rail, and first-party data laye