FOX CORPORATION TO ACQUIRE ROKU, INC.

Key Points:

• Fox Corporation has agreed to acquire Roku, Inc. for approximately $22 billion in a cash-and-stock transaction valuing Roku shares at $160 each, combining FOX's live content with Roku's leading streaming platform reaching over 100 million households.
• The merger will create one of the largest U.S. streaming businesses, integrating FOX's premium sports, news, and entertainment content with Roku's connected TV platform, The Roku Channel, and its direct consumer relationships.
• FOX shareholders will own about 73% of the combined company, with Roku shareholders owning 27%; the deal is expected to close in the first half of 2027, pending regulatory and shareholder approvals.
• The combined entity aims to enhance scale and reach across linear and streaming platforms, drive growth in connected TV advertising and subscriptions, and generate approximately $400 million in annual cost synergies.
• FOX plans to maintain its current investment grade rating and shareholder capital return program, funding the cash portion with a mix of new debt and cash on hand, supported by a $12 billion committed bridge financing facility.