Weil, Gotshal & Manges LLP and Goodwin Procter LLP advised on Fox Corporation’s $22 billion acquisition of streaming platform Roku.

Under the terms of the agreement, Fox will acquire Roku for $160.00 per share, consisting of $96 in cash and 0.9693 shares of FOX Class A common stock for each outstanding Roku share.

The transaction, which was unanimously approved by the boards of directors of both companies, will combine FOX’s leading sports, news, and entertainment content and the Tubi service with Roku’s leading connected TV platform, The Roku Channel, first-party data, and direct relationship with more than 100 million global streaming households. According to the companies, the combination is expected to create one of the largest streaming businesses in the United States.

The transaction is expected to close in the first half of calendar year 2027, subject to customary closing conditions, including shareholder and regulatory approvals.

Roku pioneered streaming on TV. Today, it is the number 1 TV streaming platform in the US, Canada, and Mexico by hours streamed (Hypothesis Group, Dec. 2025). Roku connects viewers to the content they love, enables content publishers to build and monetize large audiences through advertising and subscriptions, and provides advertisers with unique capabilities to reach and engage consumers. Roku streaming players and Roku-made TVs are available at major retailers, and licensed Roku TV™ models are sold by leading TV brands in more than 15 countries around the world. Roku also owns and operates The Roku Channel, the home of premium and free entertainment; Howdy, a low-cost subscription service; and Frndly TV, a live TV streaming service. Roku is headquartered in San Jose, Calif.

Weil, Gotshal & Manges LLP advised Fox Corporation on the transaction.

The Weil team is led by Mergers & Acquisitions partners Michael J. Aiello and Michelle Sargent and includes counsel Robert Sevalrud and Brandon Nesfield and associates Gabriel Rosen, Megan Chapelle, Spencer Kweskin and Clayton Gasho (Not Yet Admitted in New York); Banking & Finance partner Jessie Chiang and associates Danielle Cepelewicz and Elijah Diamond; Capital Markets partner Merritt Johnson; Executive Compensation & Benefits Head Paul Wessel and associates Rustin Armknecht and Nate Gross; U.S. Antitrust Co-Head Brianne Kucerik, partners Niklas Maydell, Jasmine Rosner and Neil Rigby, counsel Luca Montani and Annagiulia Zanazzo, associates Kathryn Buggs, Kathryn Graham, Esteban Fredez, Phoebe Murray and Joela Qose and legal consultant Matthew Fader; Technology & IP Transactions partner Dennis Adams and associates Taylor Peterson, Brendan McNerney and Trina Sultan (Not Yet Admitted in New York); Privacy & Cybersecurity partner Liza Cotter and associates Sabrina Chishti, Sarah Schwarz and Taya Bokert; Global Tax Chair Joe Pari and associates Madeline Joerg and Zachary Torres; Regulatory Transactions Head Shawn Cooley and partner Billy Phalen; Employment partner Rebecca Sivitz and associates Heylee Bernstein and Kaitlyn Sivertsen; Governance, Securities & Reporting Co-Head Lyuba Goltser, partners Howard Dicker and Adé Heyliger and associates Eleni Samara and Bridget Bantner (Not Yet Admitted in New York); and Real Estate Co-Head Jannelle Seales and associate Ilana Bier.

Goodwin Procter LLP advised Roku, Inc. on the transaction.

The Goodwin team was led by Joshua Zachariah, Craig Schmitz, and James Ding, and included Alan Sun, Ben Colao, Grace Kim, Raina Innocent, Lillian Weitz, Daniela Madjarian, Haley Carter, Sara Shamenek, Andrew Lacy, Arman Oruc, Stephen Mavroghenis, Sarah Jordan, John Goheen, Anuj Ghai, Christina Kolotourou, Arom Yun, Jennifer Bralower, Reid Bagwell, Arthur Nahas, Stuart Ogg, Jon Burr, Kelsey Lemaster, Garrett Gaughan, Devan Greevy, James Mattus, Eric Graffeo, Qiuyu (Zoe) Li, Austin Fahnestock, Richard Matheny, Carrie Miller, Carrie Clowney, Stephen Charkoudian, Jason Yeoun, Jessica Schatz, Samantha Jane Moran, Jacqueline Klosek, Deborah Birnbach, Drew DiMaiti, Brian Mukherjee, Lee Douthitt, Alastair Papworth, Jeremy Lewis, and Nathan Brodeur.