Fox shares slump after $22 bln deal for streaming platform Roku
BUZZ-Fox shares slump after $22 bln deal for streaming platform Roku ** Shares of Fox Corp FOXA.O slump 13.4% to $57 premarket
** Media giant signs $22 bln deal for streaming platform Roku ROKU.O
** ROKU shares rise 2.8% to $147.62; ROKU stock closed ~20% higher on Friday after Bloomberg News reported sale talks
** FOXA to acquire ROKU for $160 per share, representing a premium of 11.4% to Roku's last close, in a cash-and-stock deal
** Deal will combine Fox's portfolio of sports, news and entertainment content with Roku's TV streaming platform
** Combined company to become the third-largest player in U.S. television by viewership share, companies say
** Deal, expected to close in H1 2027, to boost Fox's digital strategy and achieve about $400 mln in run-rate cost savings
** Fox says it expects to fund cash portion of the deal with a combination of new debt and cash on hand; company has obtained $12 bln of bridge financing from Morgan Stanley Senior Funding
** Through last close, ROKU up ~32% YTD, while FOXA down ~10%
(Reporting by Deborah Sophia in Bengaluru)
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