Rupert Murdoch's longstanding wish to reunite his Fox Corp (FOXA.O) and News Corp (NWSA.O) could happen in a potential merger that would unite a TV company with a widespread news operation, cementing the family's control over a smaller empire, court documents and video show.
Discussions of a possible re-merger were revealed during the last few weeks in unsealed court documents and an attorney's testimony related to a family succession saga that began in 2023. The judicial official overseeing the matter released the findings at the end of July.
They showed that in 2022, Rupert Murdoch, then chairman of Fox Corp and News Corp, became interested in recombining the two companies after he split them less than 10 years earlier.
The merger failed after investors balked, but court proceedings in June show Murdoch could make a renewed attempt. In a hearing to determine whether the court testimony should be made public, an attorney for Lachlan Murdoch argued any discussions related to the merger should be sealed or redacted because it is "something that still could happen in the future."
In a statement, Fox said, "The references in the court records concerned a potential merger considered in 2022. There have been no merger discussions between FOX and News Corp since then." News Corp referred to the Fox statement. Fox shares dropped 3.4% while News Corp rose 0.7% following the Reuters report.
In a sign of how aggressively Murdoch pursued the merger, he drafted a letter in 2022 to both boards stating the family trust would not "vote in favor of any alternative sale, merger or similar transaction involving either company." After a representative for Murdoch's daughter Elisabeth questioned the re-merger, Rupert texted her and threatened to "ram it through ... if necessary."
A merger would bring together what remains of Murdoch's waning media empire. It would unite an array of disparate businesses across television, newspapers and streaming, including Fox News, Fox broadcast, which airs NFL games, the Wall Street Journal, the Sun, and the New York Post.
Fox, led by Lachlan Murdoch, struck a $22 billion deal in June to acquire the streaming platform Roku (ROKU.O), giving Fox access to more than 100 million households in an attempt to reach more digital audiences as television declines.
Murdoch split his empire in two after a hacking scandal at his UK newspapers in 2013 threatened his enterprise. Murdoch and his son James Murdoch apologized to a UK parliamentary committee after it was revealed one of his tabloids had hacked the mobile phone of murdered schoolgirl Milly Dowler. Murdoch cleaved the faster-growing and more lucrative television business from his shrinking newspaper empire, and investors boosted the value of both.
The court findings were released after several news organizations, including Reuters, petitioned the probate commissioner presiding over the case to release the proceedings.
The fractious family dispute started in December 2023, when the then 93-year-old media titan moved to alter the family trust to give effective control of Fox and News Corp to his eldest son Lachlan, cutting out three of his children, Prudence MacLeod, Elisabeth, and James.
The children took their father to court but settled last year after a two-year battle. Lachlan became the heir to his father's business while the three children were paid $1.1 billion each in a deal that dissolved their stakes in the family trust that controls Murdoch's companies.
Details from the succession drama were first revealed by the New York Times Magazine last year, but the July findings from the Nevada court relayed fresh comments from the elder Murdoch.
When a family representative questioned his motivation to further consolidate his control over the businesses, Rupert Murdoch responded: “Sorry, Richard! This has been a family-dominated business for 70 years,” and added, “It would be a disaster for at least the U.S. and Australia if these assets fell into the wrong hands.”
Fox Tungsten získala od Metal Energy 2 358 797 akcií v hodnotě C$2 miliony v rámci odložené úhrady za Highland Valley Project. Podíl ve společnosti Metal Energy tak zvýšila na 4 233 217 akcií.
Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) has more than doubled its Metal Energy Corp (TSX-V:MERG, OTCQB:MEEEF). stake after receiving nearly 2.4 million shares as payment under a deferred consideration agreement tied to the Highland Valley Project in British Columbia.
The Vancouver-based junior received 2,358,797 shares, putting its current stake at 4,233,217 common shares.
The consideration shares, issued under the Tranche One and Tranche Two payments of the acquisition agreement, carry an aggregate deemed value of C$2 million.
They were priced at C$0.85 per share, representing the 30-day volume weighted average price of Metal Energy's common shares as calculated under the agreement from November 2024.
Fox Tungsten is focused on its 100%-owned portfolio of tungsten and polymetallic projects in British Columbia. Its flagship Fox Tungsten Project hosts one of the highest-grade tungsten resources in the western world, according to the company.
The company is currently drilling up to 20,000 metres on the property.
Fox ve 4. fiskálním čtvrtletí překonal odhady zisku i tržeb, když EPS činil 1,79 USD a tržby 4,21 mld. USD. Tubi zvýšil tržby o 35 % a dosáhl 110 milionů měsíčních uživatelů.
Key Takeaways Fox topped Q4 EPS and revenue estimates with advertising strength carrying into fiscal 2027. Tubi posted 35% revenue growth, reached 110 million monthly users and saw viewing time rise 17%.Fox expects political ads, distribution growth and improving digital economics to support fiscal 2027. Fox Corporation (FOXA - Free Report) used its fourth-quarter fiscal 2026 call to emphasize sustained advertising demand and improving digital economics, while management expects the remaining World Cup benefit and the midterm political cycle to support fiscal 2027.
Management said Tubi and FOX One are running ahead of expectations. Adjusted EPS of $1.79 topped the Zacks Consensus Estimate of $1.34, while revenues of $4.21 billion exceeded the $3.6 billion consensus.
FOXA Sees Ad Strength Carry Into Fiscal 2027Executive chairman and CEO Lachlan Murdoch said FOX completed one of its strongest upfronts, with double-digit volume growth across sports, news and Tubi. Eight of the 10 advertising categories it tracks increased.
Murdoch said that the strength carried into fiscal 2027. He expects a record midterm political advertising cycle for FOX, compared with more than $260 million of revenue in the prior midterm cycle.
Chief financial officer Steve Tomsic expects both cable and television to contribute to distribution revenue growth in fiscal 2027, alongside further bottom-line improvement from the digital portfolio.
Fox One and Tubi Run Ahead of PlanMurdoch said Tubi posted 35% fourth-quarter revenue growth and a 17% increase in viewing time, ending fiscal 2026 with 110 million monthly active users. Its World Cup Hub attracted more than 20 million viewers.
A Goldman Sachs analyst asked how much the World Cup drove Tubi. Murdoch said tournament revenues were important but relatively small compared with Tubi’s overall growth, with momentum continuing into fiscal 2027.
Murdoch said FOX One subscribers have been incremental to traditional pay TV and churn remains below expectations. Tomsic said digital investment fell below $200 million in fiscal 2026 from just under $300 million in fiscal 2025.
FOXA Uses World Cup to Showcase Platform ReachMurdoch framed the World Cup as proof of FOX’s ability to deploy its stations, sports, news, Tubi, FOX One and digital properties around a major live event.
The tournament lifted advertising while increasing sports rights amortization and production costs. Television segment EBITDA rose 129% year over year, while Cable Network Programming EBITDA declined 3%.
A Guggenheim analyst asked how that momentum could extend beyond the tournament. Murdoch emphasized FOX’s marketing, reach and production capabilities as part of the value it can offer sports leagues.
Fox Holds NFL Terms Steady Through 2029A UBS analyst asked whether NFL rights pricing could change before 2030. Murdoch said FOX will not amend its existing contractual relationship, which runs through completion of the 2029 season.
A JPMorgan analyst later asked about the timing of league discussions and FOX’s broader rights strategy. Murdoch said talks about extensions beyond the current term would occur closer to the agreement’s end.
Murdoch also pointed to FOX’s recent acquisition of NFL rights in Mexico and reiterated that the company has a positive relationship with the league.
FOXA Keeps Buybacks in Place Around Roku DealMurdoch said the pending Roku acquisition remains on track to close in the first half of calendar 2027. He described it as an expansion of FOX’s connected-TV distribution, advertising and subscription capabilities.
Tomsic said FOX expects to close the deal at about 2.8 times net leverage. He also said the share repurchase program should continue through the transaction’s pendency and beyond.
FOX ended the quarter with about $4.2 billion of cash and $6.6 billion of debt. The board raised the semiannual dividend to 29 cents per share, with $3.4 billion remaining under the repurchase authorization.
Fox Enters Fiscal 2027 With Focused PrioritiesMurdoch’s message centered on sustaining advertising demand, expanding digital distribution with limited pay-TV cannibalization and using premium live content to reinforce FOX’s reach with viewers, advertisers and distributors.
Tomsic emphasized improving digital economics, distribution growth across both operating segments and continued capital returns while the Roku transaction remains pending.
FOXA Rank and Style Scores Show a Mixed SetupFOXA carries a Zacks Rank #3 (Hold), with a Value Score of B, Growth Score of D, Momentum Score of C and VGM Score of C. Value is the strongest of the four indicators, while Growth is the weakest.
Zacks Style Scores complement the Zacks Rank, with A and B grades preferred to lower scores. FOXA’s combination does not match the framework’s preferred pairing of a Zacks Rank #1 (Strong Buy) or #2 (Buy) with A or B Style Scores. The Zacks Rank can change as earnings estimates are revised after the latest results. You can see the complete list of today’s Zacks #1 Rank stocks here.
Roku ve 2. čtvrtletí zvýšila tržby o 22 % na 1,355 miliardy USD a upravený zisk na akcii činil 1,08 USD, obojí nad odhady. Firma zároveň neposkytla výhled kvůli očekávané akvizici Fox.
Streaming company Roku Inc (NASDAQ:ROKU) announced second-quarter financial results Thursday after market close.
Here are the key highlights.
• Roku shares are testing new highs. Why are ROKU shares at highs?
Roku Q2 EarningsRoku reported second-quarter revenue of $1.355 billion, up 22% year-over-year. The revenue total beat a Street consensus estimate of $1.298 billion according to data from Benzinga Pro.
The company reported Platform segment revenue of $1.22 billion, up 25% year-over-year, made up of the following:
Advertising: $672.8 million, +25% year-over-year Subscriptions: $548.2 million, +26% year-over-year Devices segment revenue was $133.7 million, down 1% year-over-year. The segment saw a benefit from tariff refunds in the quarter.
Adjusted earnings per share were $1.08 in the quarter, beating a Street estimate of 57 cents per share.
The company reported records for net income, adjusted EBIDA and free cash flow for the second quarter.
Total streaming hours of 37.9 billion were up 7% year-over-year.
The Roku Channel was the number two app on the platform for the quarter.
Roku highlighted its new home screen rolled out in the second quarter, its biggest update in a decade. The company also highlighted strong growth from sports-related streaming, with the 2026 World Cup helping the quarterly results.
What’s Next for Roku"As we look ahead, we remain focused on disciplined execution, investing in long-term growth opportunities, and creating value for our shareholders. We believe our scale, platform strategy and financial strength position Roku to continue leading the evolution of TV streaming while delivering sustainable, long-term growth," Roku CEO Anthony Wood and CFO Dan Jedda said in a shareholder letter.
The company is not providing guidance as it is currently being acquired by Fox Corp (NASDAQ:FOX)(NASDAQ:FOXA). The company also will not be hosting a conference call this quarter.
"Our pending acquisition by FOX is an extraordinary opportunity to accelerate our vision, allowing us to scale faster and innovate more aggressively for viewers, partners, and advertisers."
Roku Stock Price ActionRoku stock is up 0.3% to $150.55 in after-hours trading Thursday versus a 52-week trading range of $78.53 to $150.61.
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Fox Tungsten má v Britské Kolumbii dvě vrtné soupravy v provozu a směřuje k PEA ve 2. čtvrtletí 2027. Cena wolframu za poslední rok vzrostla o více než 500 % kvůli omezené nabídce.
Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) is racing to prove its North American asset can become the West's answer to a tungsten shortage that shows no sign of easing.
With two drills turning on a high-grade tungsten resource in British Columbia, a fully funded treasury of about $15 million, and a preliminary economic assessment targeted for the second quarter of 2027, CEO Stephen Gray is trying to move faster than the market can catch up to the story.
That story has changed shape fast. Six months ago, the company was still called Happy Creek Minerals. Now it is Fox Tungsten, with a new name, a rebuilt leadership team, and a resource base it is racing to grow before it locks in its development plan.
The timing lines up with a structural shift in the metal itself: tungsten prices have jumped more than 500% over the past year as China, which controls roughly 80% of global supply, tightens its export restrictions, and Washington moves to secure what little domestic supply exists. In August, the US Department of Commerce moved to restrict exports of tungsten waste and scrap without a license, part of a broader push under the Defense Production Act to secure domestic supply of critical minerals deemed essential to national defense.
A rebuilt company The past several months have transformed the company from the ground up. Since rebranding, the team rebuilt the C-suite and welcomed new faces in the field. That overhaul was paired with a financing round earlier this year that raised $12.7 million, mostly through flow-through funding, leaving the company fully funded for its current work program. "It was a great vote of confidence from the market," Gray said.
With two drills currently turning at the Fox project, the company is running what Gray calls the largest drill program it has ever undertaken, roughly doubling the number of metres ever drilled on the deposit in a single season.
The 20,000-metre program is split across three priorities: about 60% is directed at resource growth at Fox, 30% at earlier-stage, greenfield-style exploration with larger stepouts, and the remaining 10% at the company's Silverboss target.
Gray frames the strategy as two parallel tracks. One is tightly focused stepout drilling meant to grow the existing resource and feed into an updated resource estimate, in support of a Preliminary Economic Assessment (PEA) targeted for the second quarter of 2027. The other is a broader hunt to understand just how large the deposit's full mineralized system might be.
That exploration push has already turned up a new zone at Fox North that was previously unknown. Meanwhile, stepout drilling at the RC zone is showing early signs that the deposit's three separate zones may connect into one larger mineralized system, though assay results are still pending.
"It is very exciting to see progress on both fronts," Gray said. "The RC zone is being successfully extended to the south, which supports our hypothesis that we can connect our three separate zones into one larger mineralized system."
Drilling at Fox is expected to continue until late October, with final assays anticipated around Christmas. Only then, Gray said, can the PEA work begin in earnest, though early-stage planning, including scoping metallurgical testing needs, is already underway.
Riding a structural shift in tungsten Tungsten has long been an overlooked commodity for resource investors, but that is changing fast. Prices have climbed by more than 500% over the past year, a move Gray attributes to a combination of geopolitical tension and a genuine supply and demand imbalance.
“There simply is not enough tungsten available to meet demand,” the CEO said. “We know that because Chinese tungsten prices are also high. If there were a large hidden supply glut in China, we would not be seeing those price levels."
Gray believes tungsten still requires investor education, and he has a preferred way of illustrating just how rich the Fox deposit is. At roughly 1% tungsten, the grade might not sound remarkable at first glance, especially next to something like a 1% copper deposit. But translated into metal-equivalent terms at current spot prices, Gray said, 1% tungsten is roughly equivalent to 20 grams per tonne gold or 25% copper.
"That puts the quality of the asset into perspective," he said. "We have an incredibly high-grade asset in a great location with the right commodity."
For Gray, the rebrand itself has already paid off in terms of clarity. "At a glance, people can understand what the company is about: it is about Fox, it is about tungsten, and it is about what we believe is the highest-grade tungsten resource in the world."
Looking ahead, Gray's focus is on turning exploration success into a real business. "We have successfully identified the deposit, completed the initial resource drilling, established our camp, and got the drills turning. The next step is to turn that exploration success into something tangible."
Fox Corporation (FOX - Free Report) came out with quarterly earnings of $1.79 per share, beating the Zacks Consensus Estimate of $1.34 per share. This compares to earnings of $1.27 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +33.58%. A quarter ago, it was expected that this company would post earnings of $1.02 per share when it actually produced earnings of $1.32, delivering a surprise of +29.41%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Fox, which belongs to the Zacks Broadcast Radio and Television industry, posted revenues of $4.21 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 17.01%. This compares to year-ago revenues of $3.29 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Fox shares have lost about 19.6% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for Fox?While Fox has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Fox was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.61 on $4.07 billion in revenues for the coming quarter and $5.69 on $17.2 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Broadcast Radio and Television is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Newsmax (NMAX - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 13.
This media outlet known for its conservative following and views is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +96.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Newsmax's revenues are expected to be $52.5 million, up 13.1% from the year-ago quarter.
Fox ve čtvrtletí končícím v červnu zvýšil tržby o 28 % na 4,21 miliardy USD, když reklamní tržby vyskočily o 78 % díky vysílání mistrovství světa FIFA mužů. Čistý zisk klesl na 696 milionů USD.
The broadcast of the FIFA Men’s World Cup drove a 78% jump in advertising sales at Fox as total revenue for the company’s fiscal fourth quarter ended in June jumped 28% to $4.21 billion.
Distribution revenue increased 5%, driven by 7% growth at the cable network programming.
Fox also noted continued digital growth led by AVOD service Tubi. Content and other revenue dipped to $262 million from $269 million due to the timing of sports sub-licensing revenue.
Fox reported net income of $696 million (down from $719 million).
In a transformative move last quarter, the company announced in June a definitive agreement to acquire streaming platform Roku for $22 billion in a cash-and-stock transaction.
“Fiscal 2026 was an exceptional year for FOX, capped by our broadcast of a remarkable FIFA Men’s World Cup. We successfully launched our direct-to-consumer streaming service, FOX One, continued to keep America informed across a dynamic news cycle, enhanced Tubi’s position as a leading streaming service, and announced the acquisition of Roku which will transform the scope and growth profile of our company,” said CEO Lachlan Murdoch.
“Financially, these milestones were underpinned by the delivery of record top-line revenue which converted into record EBITDA. With strong momentum across our portfolio, we enter fiscal 2027 exceptionally well positioned to drive sustained growth and long-term shareholder value.”
Quarterly adjusted ebitda (earnings before interest, taxes, depreciation and amortization) was $1.2 billion, up 27%.
Fox won't negotiate a new NFL media rights deal before 2030, when its current contract with the league expires via an opt-out clause, Chief Executive Officer Lachlan Murdoch said during a Thursday earnings conference call.
The NFL has held preliminary discussions with both Fox and CBS-parent Paramount Skydance about reworking the deals to eliminate the league's opt-out clause and raise the cost of the live rights, CNBC previously reported. Fox and CBS own the NFL's Sunday afternoon packages of live game rights.
Without the opt out, Fox and Paramount's deals with the league extend until the end of the 2033-34 season.
Murdoch said Thursday that those preliminary discussions led Fox to decide it won't strike a new deal.
"In advance of the season, we've had a recent thorough and productive discussions with the league, and as a result, we will not be making any amendments to our existing contractual relationship, which extends to the completion of the 2029 season," Murdoch said. "We'll be ready to engage with the NFL on the opt-out seasons and beyond at a date closer to the 2030 season, which has been the customary timetable."
The NFL maintains flexibility to renew deals early with its other media partners, including adding new partners as it has in recent years with YouTube and Netflix. An NFL spokesperson declined to comment on Murdoch's remarks.
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NFL Commissioner Roger Goodell told CNBC last year he felt the league's rights were relatively undervalued compared to other sports. The NBA nearly tripled its media rights revenue with an 11-year, $77 billion deal struck in 2024.
The NFL signed its most recent media rights deal, worth more than $100 billion, in 2021.
"I think our partners would want to sit down and talk to us at any time, and we continue to dialogue with them. I like that opportunity," Goodell said in September. "Obviously it's not going to happen this year. But it could happen as early as next year. That could happen."
NFL programming is consistently the most watched on television. Murdoch said Fox's relationship with the NFL "is an incredibly positive one."
The NFL had discussed an increase of nearly $1 billion per year in rights costs in early talks with Paramount, CNBC reported earlier this year. In return, the league would guarantee carriage on CBS until 2034. Under the terms of the current contract, the NFL can walk away from the deal with all of its partners except Disney at the end of the 2029-30 season. Disney has one extra year.
Disney Chief Financial Officer Hugh Johnston told CNBC earlier this week that the NFL hasn't yet engaged Disney on a new deal.
"We really have pretty much all the sports rights that we need locked up into the 2030s. The NFL, you've seen they have commented a few times on reopening that, but they have not talked to us about that. So we'll see how that plays out," Johnston said in an interview.
Fox Tungsten při vrtání v rámci plně financovaného 20 000metrového programu na projektu Fox v Britské Kolumbii našla viditelnou scheelitovou mineralizaci ve více cílových oblastech, včetně nových paralelních zón na Fox North. Firma říká, že to podporuje další rozšíření zdroje.
Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) said drilling at its fully funded 20,000 metre program at the Fox project in British Columbia has intersected visible scheelite mineralization in multiple target areas, including several previously unrecognized parallel mineralized zones at Fox North.
Analytical results have not yet been received, but visual observations from drilling completed to date indicate the exploration program is successfully expanding the mineralized system, the company said.
At Fox North, drilling intersected multiple new parallel mineralized zones located between 375 metres and 675 metres west of the BK Zone.
Scheelite was observed in all three exploration holes completed at Fox North and in all seven RC resource expansion holes drilled to date.
Two diamond drill rigs are operating, and the program is progressing on schedule, with initial assay results expected in the coming weeks.
Fox Tungsten is home to one of the highest-grade tungsten resources in the western world across a 12-by-5-kilometre mineral system.
The company said the new zones strengthen its geological model of the Fox deposit as a series of stacked, parallel tungsten-bearing zones and support the potential for significant expansion of the current mineral resource.
Fox Tungsten CEO Steve Gray said the results were “very encouraging.”
"Early drilling continues to validate our geological model, with new parallel mineralized zones identified at Fox North and continued expansion of the RC Zone,” Gray said in a statement.
“These observations reinforce our confidence in the scale and continuity of the mineralized system and demonstrate the potential to meaningfully expand the Fox mineral resource as the program advances.”
The current NI 43-101 estimate includes 582,400 tonnes grading 0.826% WO₃ indicated and 565,000 tonnes grading 1.231% WO₃ inferred, with the deposit remaining open for expansion.
Elizabeth Warren a další demokraté varují, že plánované převzetí Roku společností Fox Corp. může vyvolat antimonopolní problémy a omezit volbu spotřebitelů u bezplatného streamingu.
Sen. Elizabeth Warren (D-MA) and other congressional Democrats are warning of antitrust implications in Fox Corp.‘s proposed acquisition of Roku.
In the letter to Associate Attorney General Stanley Woodward, the Democrats wrote, “Eliminating a significant competitor would reduce consumer choice for free streaming services and could give the combined entity market power to start charging for a previously free service.”
They also sought Woodward’s commitment that the DOJ review of the transaction “will be conducted free from political interference and in an impartial fashion.”
In the letter, they wrote that a “merger between Fox and Roku may also give the combined Fox-Roku entity the incentive to preference and steer viewers to Fox content for the 100 million Roku households, disadvantaging Fox competitors and limiting consumer choice.”
Fox Corp. announced in June a $22 billion deal to acquire Roku, giving it a boost in the free ad supported streaming space. It acquired Tubi six years ago. In a statement announcing the deal, Fox and Roku said both companies were “committed to continuing to operate Roku as an open, partner-friendly platform and to the continued ubiquitous distribution of Fox content.”
A Fox spokesperson did not immediately return a request for comment. A DOJ spokesperson could not immediately be reached.
Fox oznámila koupi Roku za 22 miliard USD v hotovosti a akciích za 160 USD za akcii, ale její akcie po oznámení spadly o 16,8 % kvůli vysokému zadlužení. Netflix podle článku formální nabídku nepodal.
Fox Corp. (FOXA +0.58%) (FOX 0.44%) just made the biggest bet in its post-21st Century Fox history. On June 15, it announced a $22 billion cash-and-stock deal to acquire Roku (ROKU +0.87%) at $160 per share -- a 33.7% premium to Roku's closing price the day before reports surfaced. Roku founder Anthony Wood will join Fox's board when the transaction closes in the first half of 2027. The deal would give Fox access to more than 100 million streaming households and the advertising infrastructure that sits behind them. Strategically, it reads like a good deal.
The stock market rejected it immediately.
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Fox's stock price dropped 16.8% the day the deal was announced. By the following week, it had shed another 5.9% as investors continued to process the implications. The problem isn't the strategy -- it's the price and the capital structure required to execute it. The stock is down about 25% in the last two weeks.
Image source: Getty Images.
Fox is funding the cash portion through $12 billion in new debt, backed by committed bridge financing from Morgan Stanley. That is a lot of leverage for a company whose core business, live sports, Fox News, and Tubi, generates reliable but not explosive free cash flow. Fox currently carries a median analyst price target of $71, which sits well above its current price, but the debt load changes the risk profile of every projection made before the deal was announced.
Management's promise of $400 million in annual cost synergies and free cash flow accretion by year two sounds reasonable on paper -- but Fox shareholders are being asked to fund a transformation today for a payoff that arrives in 2029.
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Why Netflix was watching, and why the stock is falling Netflix (NFLX 0.04%) publicly denied making a formal bid for Roku. Semafor reported that Netflix conducted preliminary due diligence as part of the sale process led by Qatalyst Partners, but chose not to proceed. The antitrust calculus explains most of that decision. Netflix produces more original content than any other streaming platform. Owning the operating system that hosts other streamers would have created a conflict so obvious that regulators wouldn't have needed to think hard about it. Fox, whose primary streaming asset is Tubi, a free, ad-supported platform with no SVOD ambitions, is a structurally cleaner buyer from a competition standpoint.
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There is also an irony in the outcome that Hollywood veterans would appreciate. Roku was incubated inside Netflix in the early 2000s. Netflix spun it off in 2008 because it feared owning hardware would alienate Apple and Samsung as distribution partners. Nearly 20 years later, Netflix tried to buy back what it once gave away -- and lost to a media conglomerate that was barely in the streaming business five years ago.
This reported failure sparked M&A anxiety among investors concerned about Netflix's shift away from organic growth. For investors in both stocks, Roku's outcome is a signal: The streaming consolidation era is moving fast, the prices are getting large, and the companies willing to take on debt to win are getting rewarded with distribution -- and punished by the market on deal day.
Micah Zimmerman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Netflix, and Roku. The Motley Fool has a disclosure policy.
Fox Corp (NASDAQ:FOXA) is expected to report stronger fiscal fourth quarter results, supported by robust World Cup viewership, improving news ratings and continued momentum at streaming platform Tubi, according to UBS analysts.
The firm raised its earnings estimates ahead of Fox's upcoming report, forecasting fiscal fourth-quarter EBITDA of approximately $1.02 billion, up 9% from a year earlier and above its previous estimate of $1 billion and the Visible Alpha consensus estimate of $975 million.
UBS analysts wrote that soccer programming is helping drive advertising demand and subscriptions for FOX One, with total company advertising revenue projected to increase 31% year over year in the quarter. Excluding World Cup-related revenue, Tubi and other items, UBS expects advertising revenue to decline about 1%.
The firm now estimates Fox will generate roughly $500 million in World Cup advertising revenue across the fiscal fourth quarter and fiscal first quarter, compared with a prior estimate of $350 million, citing ratings trends that have outperformed the last tournament.
Distribution revenue is expected to rise 3.1% in the quarter, compared with growth of 3.3% in the prior quarter.
UBS wrote that stronger-than-expected World Cup performance could help Fox deliver a record annual EBITDA total of about $3.7 billion despite fiscal 2026 being a non-election year. The brokerage also sees additional cyclical tailwinds in fiscal 2027 from the latter stages of the World Cup and U.S. midterm elections, while investments in FOX One moderate.
Within Fox's cable segment, UBS expects distribution revenue growth of 5.1%, aided by continued uptake of FOX One. The analysts noted that FOX One downloads in June were running more than 15 times higher than in May.
Cable advertising revenue is projected to grow 16% in the quarter, supported by improving ratings comparisons at Fox News and sustained pricing strength. UBS expects cable segment EBITDA to slip about 1% year over year to $736 million, as World Cup programming weighs on profitability.
For the television segment, UBS forecasts advertising revenue growth of 39%, or about 7% excluding World Cup-related sales. Tubi revenue is expected to rise 20% from a year earlier as viewership continues to increase, while linear television advertising is anticipated to decline about 4% after adjusting for the World Cup, political advertising and other factors.
Television segment EBITDA is projected to reach $422 million, up from $308 million a year ago, with UBS expecting the World Cup to contribute positively to profitability in the segment.
UBS maintained a positive view on Fox shares, pointing to expected earnings growth and opportunities from its recently announced Roku transaction. The analysts also discussed the possibility of an early renewal of Fox's NFL rights package, estimating that a 50% to 60% increase in annual rights fees could create an approximately $1 billion EBITDA headwind.
However, UBS wrote that such a scenario is not part of its base-case outlook and could be partly offset through higher retransmission fees and adjustments to other sports programming commitments.
TORONTO, ON / ACCESS Newswire / June 23, 2026 / Fox River Resources Corporation (CSE:FOX) ("Fox River" or the "Company") is pleased to announce that, at its special meeting (the "Meeting") of the holders ("Shareholders") of common shares of the Company (the "Common Shares") and the holders ("Optionholders" and, together with the Shareholders, the "Securityholders") of options to purchase Common Shares (the "Options") held earlier today, the Securityholders approved a special resolution (the "Arrangement Resolution") approving the previously announced plan of arrangement, as amended in accordance with the interim order of the Ontario Superior Court of Justice (Commercial List), as amended (the "Arrangement"), pursuant to which Avenir Minerals Limited ("Avenir") will acquire all of the issued and outstanding Common Shares (other than Common Shares held by Avenir or any of its affiliates) for cash consideration of $1.10 for each Common Share held.
Voting Results
The Arrangement Resolution was required to be approved by an affirmative vote of at least: (i) two-thirds (66⅔%) of the votes cast on the Arrangement Resolution by Shareholders and Optionholders, voting as a single class with one vote for each Common Share and Option held; and (ii) a simple majority of the votes cast on the Arrangement Resolution by Shareholders, excluding any votes cast in respect of any Common Shares by any person required to be excluded in accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101").
The following is a summary of the votes cast on the Arrangement Resolution:
Votes For
% of Votes Cast
All Shareholders and Optionholders
62,658,295
97.819%
All Shareholders except those required to be excluded under MI 61-101
48,392,707
97.194%
Final Order and Anticipated Closing Date
Fox River will seek a final order of the Ontario Superior Court of Justice (Commercial List) (the "Final Order") approving the Arrangement. The hearing of the application for the Final Order is expected to take place on or about June 24, 2026. Subject to receipt of the Final Order and the satisfaction or waiver of certain other conditions to closing of the Arrangement as set out in the arrangement agreement dated May 4, 2026 between Fox River and Avenir (the "Arrangement Agreement"), the Arrangement is anticipated to be completed on July 2, 2026.
Further information regarding the Arrangement is provided in Fox River's management information circular dated May 21, 2026 and the Company's news releases dated June 12, 2026 and June 17, 2026, copies of which are available on SEDAR+ under Fox River's issuer profile at www.sedarplus.ca and on Fox River's website at www.fox-river.ca.
About Fox River Resources
Fox River holds a 100% interest in the Martison Phosphate Project near Hearst, Ontario. Planned as a vertically integrated operation, the project harnesses a high-grade, large-scale igneous phosphate deposit - capable of providing secure domestic supplies of phosphate fertilizers as well as PPA for the LFP battery industry. The project's Anomaly A deposit underpins a positive preliminary economic assessment with an effective date of April 21, 2022. More information is available at www.fox-river.ca or via Fox River's SEDAR+ profile.
On behalf of Fox River Resources Corporation
Stephen D. Case, President, Chief Executive Officer and Director
Website: www.fox-river.ca
For more information, please contact:
Stephen D. Case
President, Chief Executive Officer and Director
Fox River Resources Corporation
141 Adelaide Street West, Suite 301
Toronto, Ontario M5H 3L5
Email: [email protected] | Website: www.fox-river.ca
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Forward-looking statements and information can be identified by statements that certain actions, events or results "could", "may", "should", "will" or "would" be taken, occur or achieved. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the anticipated effects of the Arrangement; Fox River's application for the Final Order; the anticipated timing of the hearing for the Final Order; receipt of the Final Order; the satisfaction or waiver of certain other conditions to closing of the Arrangement as set out in the Arrangement Agreement; and the anticipated timing of the closing of the Arrangement.
The forward-looking statements and information contained in this news release reflect Fox River's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Fox River, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies.
Fox River cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Fox River has made assumptions and estimates based on or related to many of these factors. In addition, in connection with the forward-looking statements contained in this press release, Fox River has made certain assumptions, including the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary court approvals; the ability of the parties to satisfy, in a timely manner, the other conditions for the completion of the Arrangement, and other expectations and assumptions concerning the proposed Arrangement. The anticipated dates indicated may change for a number of reasons, including the necessary court approvals, or the necessity to extend the time limits for satisfying the other conditions for the completion of the proposed Arrangement. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking financial information and statements are the following: the failure of the parties to obtain the necessary court approvals or to otherwise satisfy the conditions for the completion of the Arrangement; failure of the parties to obtain such approvals or satisfy such conditions in a timely manner; significant transaction costs or unknown liabilities; the failure to realize the expected benefits of the Arrangement; the effect of the announcement of the Arrangement on the ability of Fox River to retain and hire key personnel and maintain business relationships; the market price of the Common Shares and business generally; potential legal proceedings relating to the Arrangement and the outcome of any such legal proceeding; the inherent risks, costs and uncertainties associated with transitioning the business successfully and risks of not achieving all or any of the anticipated benefits of the Arrangement, or the risk that the anticipated benefits of the Arrangement may not be fully realized or take longer to realize than expected; the occurrence of any event, change or other circumstances that could give rise to the termination of the Arrangement Agreement and general economic conditions. Failure to obtain the necessary court approvals, or the failure of the parties to otherwise satisfy the conditions for the completion of the Arrangement, may result in the Arrangement not being completed on the proposed terms or at all. In addition, if the Arrangement is not completed, and Fox River continues as an independent entity, there are risks that the announcement of the Arrangement and the dedication of substantial resources by Fox River to the completion of the Arrangement could have an impact on its business and strategic relationships, including with future and prospective employees, customers, suppliers and partners, operating results and activities in general, and could have a material adverse effect on its current and future operations, financial condition and prospects. Additional risks, uncertainties and other factors are identified in Fox River's management information circular dated May 21, 2026 and Fox River's most recent management's discussion and analysis, each of which has been filed with the Canadian provincial securities regulatory authorities, as applicable.
Although Fox River has attempted to identify important factors that could cause actual results to differ materially from those set out or implied by the forward-looking statements and information, this list is not exhaustive and there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors should use caution when considering, and should not place undue reliance on any, forward-looking statements and information. Forward-looking statements and information are designed to help readers understand Fox River's current views in respect of the Arrangement and related matters and may not be appropriate for other purposes. Fox River does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by law.
This news release does not constitute (and may not be construed to be) a solicitation or offer by Fox River or any of its respective directors, officers, employees, representatives or agents to buy or sell any securities of any person in any jurisdiction, or a solicitation of a proxy of any securityholder of any person in any jurisdiction, in each case, within the meaning of applicable laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
