Track market-moving stories before they get noisy

Netflix (NASDAQ:NFLX | NFLX Price Prediction) and Roku (NASDAQ:ROKU) just delivered post-earnings snapshots that could not look more different. Netflix posted its Q2 report on July 16, leaning on content, ads, and the largest buyback quarter in its history. Roku’s Q1, filed April 30, showed a platform business finally translating scale into consistent profits.

Big Content Wins Meet Ad Tech Roars Netflix delivered EPS of $0.80 on revenue of $12.559 billion, growing 13.37% YoY. Operating margin held at 33.4%, doing the heavy lifting. Titles like Apex (131M views) and Swapped (137M views) kept engagement steady while price hikes in the US, Mexico, and Spain landed without much pushback.

Roku’s quarter was louder in percentage terms. Platform revenue climbed 28% YoY to $1.13 billion, with Advertising up 27% and Subscriptions up 30%. CEO Anthony Wood told investors, “We delivered an outstanding first quarter.” Devices slipped 16%, a reminder that the hardware business still runs at a loss.

One Owns the Screen, the Other Owns the Feed Lens Netflix Roku Core Bet Content plus live sports Programmatic ads and SMBs Growth Lever Ad tier doubling to ~$3B Platform toward ~$5B Capital Return $27.1B buyback remaining $400M program Key Risk $1B debt maturing 2026 Memory chip supply squeeze Netflix is chasing time on screen with an expanded NFL package including Thanksgiving Eve and Christmas Gameday, plus creator deals with Ms. Rachel and Mark Rober. Roku is chasing the dollars flowing through its pipes, integrating with DV360, Amazon DSP, and The Trade Desk. Advertiser count on Roku Ads Manager more than doubled YoY. Two very different revenue engines.

The Next Test Sits in Very Different Places For Netflix, I want to see ad revenue actually reach that $3.0 billion target while free cash flow rebounds from Q2’s $1.525 billion figure. Reddit chatter has soured alongside a 26.91% YTD drop, with a thread called “Netflix’s Growth Engine Is Stalling” gaining traction. For Roku, the tell will be Q2 earnings on July 30. Polymarket traders put the odds of a beat at 87%, though I take small-volume markets with a grain of salt.

Why I’d Split the Ticket Personally, I lean Netflix for stability. The sell-off dragged shares to $68.53, and a P/E near 21 feels reasonable for a business guiding to roughly $12.5 billion in free cash flow. For investors researching more torque, Roku offers a different profile. Platform economics are compounding, and reaching $1 billion of Free Cash Flow by 2028 would reprice the shares meaningfully. I would hesitate on Roku if memory chip costs pressure device margins harder than expected. Together, the pair covers the defensive and growth ends of streaming.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Netflix didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Posted by Defense World Staff on Jul 21st, 2026

Amova Asset Management Americas Inc. lessened its stake in Roku, Inc. (NASDAQ:ROKU – Free Report) by 37.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,848,889 shares of the company’s stock after selling 1,092,615 shares during the quarter. Roku comprises 2.5% of Amova Asset Management Americas Inc.’s investment portfolio, making the stock its 11th biggest position. Amova Asset Management Americas Inc. owned 1.25% of Roku worth $174,923,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Jefferies Financial Group Inc. acquired a new position in shares of Roku during the 4th quarter valued at $1,345,000. Moran Wealth Management LLC acquired a new stake in Roku in the first quarter worth $2,990,000. MH & Associates Securities Management Corp ADV bought a new stake in Roku in the fourth quarter valued at $2,398,000. Katamaran Capital LLP increased its stake in Roku by 90.8% in the first quarter. Katamaran Capital LLP now owns 52,548 shares of the company’s stock valued at $4,972,000 after purchasing an additional 25,002 shares in the last quarter. Finally, Maxi Investments CY Ltd acquired a new position in shares of Roku during the fourth quarter valued at about $1,953,000. Institutional investors own 86.30% of the company’s stock.

Roku Stock Down 0.2% Shares of NASDAQ:ROKU opened at $144.13 on Tuesday. The stock has a market cap of $21.25 billion, a price-to-earnings ratio of 108.37 and a beta of 2.01. Roku, Inc. has a 12-month low of $78.53 and a 12-month high of $148.88. The business’s 50 day moving average is $133.04 and its 200 day moving average is $112.78.

Roku (NASDAQ:ROKU – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.23. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.20 billion. Roku had a return on equity of 7.64% and a net margin of 4.06%.Roku’s revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.19) earnings per share. As a group, equities research analysts expect that Roku, Inc. will post 2.41 earnings per share for the current year.

Analyst Upgrades and Downgrades A number of research firms have recently issued reports on ROKU. Citigroup increased their price objective on shares of Roku from $120.00 to $157.00 and gave the stock a “neutral” rating in a research report on Friday. Susquehanna downgraded Roku from a “positive” rating to a “neutral” rating and set a $160.00 price target on the stock. in a research note on Tuesday, June 16th. Zacks Research lowered Roku from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 14th. Morgan Stanley raised their price objective on Roku from $150.00 to $170.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Finally, UBS Group set a $160.00 price objective on Roku in a report on Monday, June 15th. Ten research analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $155.12.

Get Our Latest Stock Analysis on ROKU

Insider Activity at Roku In related news, insider Charles Collier sold 20,538 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $124.23, for a total transaction of $2,551,435.74. Following the transaction, the insider directly owned 7,700 shares in the company, valued at approximately $956,571. The trade was a 72.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gilbert Fuchsberg sold 9,593 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $125.52, for a total value of $1,204,113.36. Following the completion of the transaction, the insider owned 50,863 shares in the company, valued at $6,384,323.76. The trade was a 15.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 236,499 shares of company stock valued at $30,582,963 over the last three months. Insiders own 13.45% of the company’s stock.

Roku Profile (Free Report)

Roku, Inc (NASDAQ: ROKU) is a technology company that develops and operates a proprietary streaming platform designed to deliver entertainment content to consumers via internet-connected devices and smart televisions. Since its inception in 2002 in California, Roku has focused on simplifying access to streaming services for viewers worldwide. The company’s platform enables users to discover, access and manage a wide array of over-the-top content from major streaming services, free ad-supported channels and niche providers.

At the core of Roku’s product lineup are a range of streaming players and sticks, which connect to televisions via HDMI and deliver the Roku OS experience.

Further Reading Five stocks we like better than Roku The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding ROKU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Roku, Inc. (NASDAQ:ROKU – Free Report).

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Roku (ROKU - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this video streaming company have returned +2.8% over the past month versus the Zacks S&P 500 composite's +1.6% change. The Zacks Broadcast Radio and Television industry, to which Roku belongs, has lost 7.1% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Roku is expected to post earnings of $0.61 per share for the current quarter, representing a year-over-year change of +771.4%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.1%.

The consensus earnings estimate of $2.41 for the current fiscal year indicates a year-over-year change of +308.5%. This estimate has remained unchanged over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $3.58 indicates a change of +48.6% from what Roku is expected to report a year ago. Over the past month, the estimate has changed -1.1%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Roku.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Roku, the consensus sales estimate for the current quarter of $1.3 billion indicates a year-over-year change of +17%. For the current and next fiscal years, $5.55 billion and $6.31 billion estimates indicate +17.2% and +13.6% changes, respectively.

Last Reported Results and Surprise HistoryRoku reported revenues of $1.25 billion in the last reported quarter, representing a year-over-year change of +22.4%. EPS of $0.57 for the same period compares with -$0.19 a year ago.

Compared to the Zacks Consensus Estimate of $1.2 billion, the reported revenues represent a surprise of +3.8%. The EPS surprise was +67.65%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Roku is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Roku. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Roku (ROKU - Free Report) closed at $142.34 in the latest trading session, marking a +1.17% move from the prior day. This change outpaced the S&P 500's 0.79% loss on the day. Meanwhile, the Dow lost 0.26%, and the Nasdaq, a tech-heavy index, lost 1.55%.

The video streaming company's stock has dropped by 2.07% in the past month, falling short of the Consumer Discretionary sector's gain of 0.62% and the S&P 500's gain of 4.28%.

The upcoming earnings release of Roku will be of great interest to investors. The company is predicted to post an EPS of $0.61, indicating a 771.43% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $1.3 billion, indicating a 16.98% upward movement from the same quarter last year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.41 per share and revenue of $5.55 billion, indicating changes of +308.47% and +17.23%, respectively, compared to the previous year.

Investors should also pay attention to any latest changes in analyst estimates for Roku. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0% higher within the past month. At present, Roku boasts a Zacks Rank of #3 (Hold).

Digging into valuation, Roku currently has a Forward P/E ratio of 58.35. For comparison, its industry has an average Forward P/E of 13.28, which means Roku is trading at a premium to the group.

The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. Currently, this industry holds a Zacks Industry Rank of 69, positioning it in the top 29% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Roku (ROKU - Free Report) closed the most recent trading day at $139.25, moving -1.39% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.28%. On the other hand, the Dow registered a loss of 1.09%, and the technology-centric Nasdaq increased by 0.2%.

Prior to today's trading, shares of the video streaming company had gained 16.79% outpaced the Consumer Discretionary sector's gain of 1.44% and the S&P 500's gain of 1.64%.

Market participants will be closely following the financial results of Roku in its upcoming release. On that day, Roku is projected to report earnings of $0.61 per share, which would represent year-over-year growth of 771.43%. Meanwhile, our latest consensus estimate is calling for revenue of $1.3 billion, up 16.98% from the prior-year quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.41 per share and a revenue of $5.55 billion, indicating changes of +308.47% and +17.23%, respectively, from the former year.

Investors might also notice recent changes to analyst estimates for Roku. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 0% rise in the Zacks Consensus EPS estimate. Roku is holding a Zacks Rank of #3 (Hold) right now.

Looking at valuation, Roku is presently trading at a Forward P/E ratio of 58.57. This represents a premium compared to its industry average Forward P/E of 13.73.

The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. This industry, currently bearing a Zacks Industry Rank of 112, finds itself in the top 46% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

MILWAUKEE, July 02, 2026 (GLOBE NEWSWIRE) -- Ademi LLP is investigating Roku (NASDAQ: ROKU) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Fox.

Click here to learn how to join our investigation and obtain additional information or contact us at [email protected] or toll-free: 866-264-3995. There is no cost or obligation to you.

Roku stockholders will receive cash-and-stock transaction valued at $160.00 per Roku share. Fox will pay $96.00 in cash and 0.9693 shares of Fox Class A common stock for each Roku Class A and Class B share. Upon closing, existing Fox shareholders are expected to own approximately 73% of the combined company and Roku shareholders approximately 27%.

Roku insiders will receive substantial benefits as part of change of control arrangements.

The transaction agreement unreasonably limits competing transactions for Roku by imposing a significant penalty if Roku accepts a competing bid. We are investigating the conduct of the Roku board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.

We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Ademi LLP                
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

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#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

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That's where the Style Scores come in.

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Stock to Watch: Roku (ROKU - Free Report) Roku is the leading TV streaming platform provider in the United States, Canada and Mexico based on hours streamed.

ROKU is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Consumer Discretionary stock. ROKU has a Momentum Style Score of A, and shares are up 4% over the past four weeks.

Nine analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.28 to $2.41 per share. ROKU boasts an average earnings surprise of +107.3%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, ROKU should be on investors' short list.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

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Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

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Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

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Stock to Watch: Roku (ROKU - Free Report) Roku is the leading TV streaming platform provider in the United States, Canada and Mexico based on hours streamed.

ROKU is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. ROKU has a Growth Style Score of A, forecasting year-over-year earnings growth of 308.5% for the current fiscal year.

Nine analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.28 to $2.41 per share. ROKU also boasts an average earnings surprise of +107.3%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, ROKU should be on investors' short list.

It's been a wild week for Roku (ROKU 0.11%) investors. Shares of the smart TV operating system pioneer that soared 20% last Friday on reports of a potential buyout have fallen this week, despite an announced acquisition by Fox (FOXA 1.22%) on Monday.

Fox and Roku claimed that the definitive agreement values Roku at $160 per share, or approximately $22 billion in enterprise value. If you're wondering why Roku stock is trading below $140 right now -- a steep discount for a buyout expected to close in the first half of next year -- it's because the deal is now worth considerably less than the initial price tag. In fact, even before Monday morning's announcement, the deal was already worth slightly less than $160 per share. Let's break things down.

Image source: Getty Images.

Terms of endearment The floor has never been $160. Even the initial ceiling wasn't that high. This is a cash-and-stock deal. Fox is paying $96 a share in cash -- technically, the floor -- as well as 0.9693 shares of Fox Class A common stock. The origin story of the initial $160 in per-share value was obsolete long before it was even announced. It was based on a volume-weighted average over a 10-day period that ended on Wednesday of last week.

Based on that math, Fox stock had a reference price of $66.03. A 0.9693 slice of that stock would work out to $64, combined with $96 in cash, for a total of $160. However, by Friday's close -- the last trading day before this week's announcement -- Fox stock had dipped to $65.85. This $160 deal was already marked down to $159.83 before it even left the gate. It was a slight dip, but the value would continue to erode as Fox stock slipped in the first three days since the trade was announced.

CloseFox Class ADeal Value6/12/26$65.85$159.836/15/26$54.76$149.086/16/26$52.34$146.736/17/26$51.32$145.75 Data source: Yahoo! Finance.

Through Wednesday's close, the deal has cratered 9%, almost entirely due to Fox shares plunging 22% in the first three trading days since the acquisition was announced. The market obviously doesn't like the deal, but now Roku investors are feeling the pain, too.

Roku shares closing at $137.29 on Wednesday makes sense in that context. It's currently a 6% discount to a deal that isn't expected to close for another seven to 13 months. Given the volatile value of the stock component in the transaction, it's almost surprising that the gap isn't larger.

Today's Change

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-0.11

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-0.14

Current Price

$

135.06

Knock on Wood Rounding up potential rival bidders is a fruitless exercise, for now. Roku founder and CEO Anthony Wood is all in on this deal. He has accepted an ongoing role at Fox and a board seat once the acquisition closes. More importantly, he controls roughly 55% of Roku's total voting power. The only way Roku backs out is if Wood doesn't want that to happen.

It can happen, but many new factors would have to come into play. Would a rival bid be high enough to cover a premium to the current value of the Fox deal, as well as the deal termination fee? Is that theoretical offer more or less likely to face antitrust regulatory hurdles? Will that deal take even longer to close?

Roku deserves better than to be tethered to a media laggard with a sinking share price, but it signed off on this not-so-happily-ever-after ending to its story as a publicly traded, independent business. Despite roaring into the market fancy over the past year -- and putting out its best quarter in years -- it chose this path to closing credits without negotiating for a sequel.

If you're waiting to get bought out at $160 per share as Monday's press release pitched -- or even the initial wave of analysts pushing price targets even higher after the deal was announced -- you're in for a rude awakening. Not every stock story gets a Hollywood ending. Prices change. Regrets linger.

Cathie Wood's ARK Invest increased its exposure to Tesla TSLA and Snowflake (SNOW) while reducing a sizable stake in Roku ROKU during June 18 trading activity.

The investment firm purchased about 149,700 shares of Snowflake valued at roughly $34.8 million and acquired approximately 44,000 Tesla shares worth about $17.6 million. ARK Invest also added to its healthcare holdings, buying nearly 2,400 shares of Eli Lilly LLY with an estimated value of $2.7 million.

On the selling side, ARK Invest disposed of around 561,800 Roku shares valued at approximately $77.6 million. The move reduced the firm's exposure to the streaming platform company as portfolio adjustments continued across technology and growth-oriented investments.

The transactions came shortly after Tesla Chief Executive Elon Musk disclosed the exercise of stock options in a regulatory filing. The filing showed Musk acquired about 304 million shares at an exercise price of $23.34 per share and surrendered roughly 17.5 million shares to satisfy tax obligations tied to the transaction.

Following the exercise, Musk held nearly 700 million Tesla shares, representing about a 19.9% voting stake in the electric-vehicle maker.

On June 15, Roku announced that it had accepted an offer to be acquired by Fox. The deal, using a combination of cash and stock, values Roku at $160 per share. Based on Fox's 10-day volume-weighted average share price as of June 10, this was a $22 billion transaction, expected to close in the first half of 2027.

Walt Disney (DIS +1.16%) has a front-row seat to the drastic changes happening in an industry it has long led. Here's what this acquisition could mean for the House of Mouse and its shareholder base.

Image source: The Motley Fool.

The Fox and Roku tie-up creates a media and entertainment powerhouse For Disney, this isn't the best news. By joining forces, Fox and Roku introduce another media and entertainment powerhouse to the industry. Fox brings premium live content. Roku brings a rapidly growing smart-TV platform that consumers use to aggregate all of their content in one place.

The new Fox will now have access to 100 million households that use Roku as their TV home screen. That's a massive distribution edge that will transform Roku from being a neutral party, playing ball with all content providers, to now possibly favoring the live news and sports content that Fox specializes in.

Disney's shows and movies could receive less visibility, as a critical avenue it relies on in Roku is now controlled by a top rival. The new Fox will also become even stronger in the free ad-supported tier, as it now has Tubi and The Roku Channel under its belt. Consequently, if Disney wants the ad-based options of its Disney+ and Hulu services to have better placement, it could be forced to give up a bigger share of the advertising economics.

Another thing to think about is the data Fox and Roku have access to. They each already generate significant advertising revenue. Combined, they'll be able to better target audiences and measure viewership data that ad partners will find valuable.

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Disney's moat comes from something no rival can replicate The media and entertainment landscape continues to evolve. Old-world legacy businesses, like Fox, are trying to keep up with the times. The management team thinks paying a hefty premium for Roku, especially as streaming continues its ascent, is worth it.

No company wants to see its industry welcome a larger competitor, one with its own unique advantages and greater financial resources. However, Disney should be able to maintain its momentum. And investors shouldn't worry just yet.

Disney's wide economic moat is built on its invaluable intellectual property. The company's famous characters, stories, and franchises are unique one cannot be replicated. It will be critical for the business to keep leaning on its content, which is the true differentiator.

2026 has been rough for Netflix (NFLX +0.07%). Shares of the streamer are down 17.5% year to date.

That's not surprising. In February, Netflix lost a bidding war to acquire Warner Bros. Discovery to Paramount Skydance Corporation. Last week, its shares fell about 3.5% on reports that it had been interested in buying streaming platform and device maker Roku (ROKU 0.11%) but lost that bid to Fox Corp. (FOX 0.85%).

The company's shares sank further after a company spokesperson reportedly denied rumors that Netflix was pursuing Lionsgate (LION 1.38%). Here's why the market didn't like that news, and what it means for the company (and its shareholders) moving forward.

Image source: Getty Images.

Why Warner Bros. Discovery?  All of the Netflix mergers and acquisitions (M&A) chatter stems from its 2025 bid to acquire Warner Bros. Discovery, which owns film and TV studio assets and a massive content library.

Warner seemed like a perfect target for Netflix. Netflix's original business model -- the one that made it a member of the powerhouse "FAANG" stocks of the 2010s -- was to stream other companies' existing content libraries on the cheap while simultaneously creating original content available only on Netflix. That worked because those other companies lacked streaming services of their own.

This perfect world for Netflix was shattered when Disney bought 21st Century Fox in 2019, prompting a wave of consolidation and new streaming service rollouts. Netflix suddenly became the lone major streaming service with no affiliated legacy movie or TV library:

Company

Streaming Services

Affiliated Movie Studio

Affiliated TV Studio

Disney

Disney+, Hulu, ESPN+

Disney Studios, 21st Century Fox, Pixar

ABC, The Disney Channel, etc.

Amazon (AMZN +0.69%)

Amazon Prime Video

MGM Studios

None

Comcast (CMCSA +2.15%)

Peacock

Universal Studios

NBC, CNBC, Bravo, Telemundo, etc.

Paramount Skydance

Paramount+

Paramount Pictures, Warner Bros.

CBS, MTV, Showtime, HGTV, Food Network, etc.

Netflix

Netflix

None

None

Data as of October 2025; chart by author.

So when AT&T spun off its media assets -- which included the Warner Bros. movie studio, HBO, CNN, DC comics properties, and cable channels like Food Network and HGTV -- as Warner Bros. Discovery in 2022, why wouldn't Netflix try to pick it up?

Deals or no deals On April's earnings call, Netflix's co-CEO Ted Sarandos seemed to indicate he was interested in pursuing future deals, saying, "We really built our M&A muscle [by pursuing Warner Bros.]. ... M&A for us remains a tool to help us achieve our goals. And as you can see with the WB deal, we'll remain very disciplined in how we approach it."

Since then, rumors have been swirling that Netflix has its sights set on the one remaining major unaffiliated film studio, Lionsgate. Lionsgate separated its film and TV studio from its Starz cable and streaming business in 2025, presumably to make it more attractive as an acquisition target. With the studio releasing 30-40 films per year and ownership of a film and TV library of more than 20,000 titles, including the Saw, John Wick, and Hunger Games franchises, Lionsgate seems like an attractive acquisition target for Netflix.

Roku, on the other hand, looks like less of a natural fit, and there are conflicting reports on whether Netflix was in fact aggressively pursuing Roku or whether it didn't even bother to bid. Even if it had tried to beat Fox's offer for the device maker, regulatory scrutiny would have been intense, since Roku's hardware is a major platform for Netflix's streaming rivals.

But why is the market so desperate for Netflix to do a deal anyway?

Image source: Netflix.

The one that got away Netflix was on the cusp of a massive acquisition in Warner Bros., so it's natural for the market to assume that it wants to make a large acquisition. And with all of its major streaming rivals having scooped up legacy studios of their own in recent years, naturally, there's a belief that Netflix needs to do the same to remain competitive.

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However, Netflix's business model has quietly shifted from its roots as the one-stop shop for streaming. It's now prioritizing original movies and series, and those are seeing the largest number of views. But this lack of content volume doesn't seem to be driving away subscribers. Instead, Netflix's post-pandemic revenue is up 47% over the last three years, while its net income has soared by 215%. Meanwhile, its estimated global subscriber count has risen by over 35%.

When I scrolled through my Netflix feed just now, I was surprised by how few non-Netflix options were on the list, but more surprised that I hadn't noticed this quiet content exodus until now. It's a testament both to Netflix's in-house studio strength and its ability to use subscriber data to identify the best content to pursue. The market -- which doesn't have access to that trove of data -- seems to be substituting guesswork for trust in a winning formula.

John Bromels has positions in Amazon, Netflix, Walt Disney, and Warner Bros. Discovery. The Motley Fool has positions in and recommends Amazon, Netflix, Roku, Walt Disney, and Warner Bros. Discovery. The Motley Fool recommends Comcast. The Motley Fool has a disclosure policy.

Legacy media faces a structural crisis that cannot be solved by simply greenlighting better television shows. Owning premium content means very little if a network does not control how that content physically reaches viewers. Fox Corporation NASDAQ: FOX just acknowledged this harsh reality with a $22 billion cash-and-stock deal to acquire Roku Inc. NASDAQ: ROKU.

FOX Today

$44.55 -0.38 (-0.85%)

As of 06/23/2026 04:00 PM Eastern

52-Week Range$44.17▼

$68.18Dividend Yield1.26%

P/E Ratio11.75

Price Target$75.00

The headline numbers are aggressive, and the immediate market reaction reflects anxiety over the immense financial leverage required to close this deal. Look past the initial shock, though, and a clear survival strategy emerges. By taking ownership of the dominant connected-TV operating system, Fox Corporation transforms from a vulnerable content supplier into a powerful toll-collecting gatekeeper.

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Traditional broadcasters have spent the last decade suffering from margin compression as cable subscriptions have dwindled and affiliate fees have dried up. Transitioning to streaming was supposed to be a life raft, but networks quickly found themselves paying massive distribution cuts to third-party hardware providers just to access viewers. This acquisition signals capitulation to a new industry rule. Content alone cannot survive without distribution control.

Swallowing the Debt to Secure the FutureThe financial architecture of this acquisition requires Fox Corporation to stretch its balance sheet to the absolute limit. The company is executing the buyout at $160 per share, using a 60/40 cash-and-stock split, with $96 in cash and 0.9693 shares of Fox Class A NASDAQ: FOXA common stock per Roku share. To fund the enterprise value, Fox Corporation is securing up to $12 billion in bridge financing and absorbing $8.3 billion in new debt.

When Fox, with a $23 billion market capitalization, purchases a target valued at $22 billion, FOX shareholders are forced to absorb significant equity dilution. The market reaction was swift and punishing. Fox Corporation shares collapsed 17% on heavy volume following the announcement. Institutional investors immediately repriced Fox to account for a post-deal net leverage ratio of 2.8x trailing 12-month EBITDA.

Fox Corporation (FOX) Price Chart for Wednesday, June, 24, 2026

Valuation friction also plays a major role in the sell-off. Fox trades as a mature value play with a price-to-earnings ratio of 14, while Roku trades purely on growth metrics with a towering price-to-earnings ratio of 105. Fusing a legacy cash-flow generator with a high-multiple growth asset creates a complex valuation model that institutional bases often reject in the short term.

Corporate insiders at Roku clearly anticipated this valuation ceiling. Key executives executed a concentrated wave of share liquidations just before the merger announcement. CEO Anthony Wood sold 18,000 shares on June 12, 2026, followed by significant sales from Director Mai Fyfield on June 13, 2026. The strategic timing indicates Roku executives aggressively locked in peak valuations before the cash-and-stock conversion was finalized.

Despite the near-term pain for Fox Corporation shareholders, the debt load is a highly calculated capital expenditure. Management projects $400 million in run-rate cost savings and models the transaction to be accretive to free cash flow per share by the second full year following the anticipated 2027 close. Paying a premium to secure a 100-million-household hardware ecosystem is the cost of permanently escaping the decay of linear television.

Forging the Ultimate Streaming MonopolyFox Corporation already controls Tubi, a rapidly expanding platform in the free ad-supported streaming television sector. Integrating Tubi with The Roku Channel creates an unprecedented digital advertising inventory pool. Management plans to keep the two platforms operating as separate consumer-facing applications, a smart operational move that exploits a minimal 33% audience overlap.

The true economic value is unlocked behind the screen. By merging datasets and ad-tech infrastructure, Fox Corporation captures a dominant share of the free streaming market across global endpoints. Owning the hardware layer allows Fox to weaponize the user interface. When a viewer powers on a Roku television, Fox can dictate the visual real estate. The operating system can be programmed to natively push Fox Sports, Fox News, and Tubi content before competing applications load.

This prioritization guarantees viewership for internal Fox Corporation properties and drastically reduces the customer acquisition costs that plague standalone streaming services. A unified data ecosystem also allows Fox Corporation to track consumer behavior from the moment a television turns on to the second a viewer powers down, creating a highly targeted advertising profile that commands premium ad rates.

Forcing Advertisers to Pay the TollRoku built an empire by operating as a neutral territory. Roku acted as an agnostic aggregator, routing viewers to various streaming apps while taking a standard cut of ad inventory. That neutrality ends the moment the acquisition closes.

Transitioning the living room operating system into a walled garden designed to amplify Fox Corporation's inventory completely disrupts the ad-supported streaming ecosystem. Advertisers and media agencies rely on unbiased auction environments to deploy capital efficiently. If Roku backend ad-bidding logic shifts to favor Fox Corporation network properties, ad buyers will naturally look for alternative platforms to ensure fair market pricing.

This structural shift creates massive tailwinds for independent programmatic operators. Companies operating as independent demand-side platforms and supply-side platforms offer a neutral ground for ad buying and selling. Operators like The Trade Desk NASDAQ: TTD and Magnite NASDAQ: MGNI are structurally insulated from these emerging content conflicts. As the newly consolidated Fox Corporation ecosystem raises the toll for living room access, programmatic advertising budgets will systematically migrate toward the remaining agnostic infrastructure.

The Hunt for Neutral Ad-Tech WinnersThe combined Fox Corporation and Roku entity instantly becomes the third-largest player in U.S. television by viewing share. This consolidation removes the last major independent hardware operator from the board, leaving the sector entirely controlled by legacy media and mega-cap tech conglomerates.

Wall Street analysts are rapidly updating models to reflect this reality. Several firms downgraded Roku to market perform ratings, citing capped upside at the $160 buyout price. Conversely, a select few analysts raised their price targets slightly, pricing in the remote possibility of a competing bid from a tech giant willing to absorb the termination fee to prevent Fox Corporation from controlling the living room gateway.

Holding legacy linear broadcasters that lack a dedicated distribution arm now carries immense structural risk. Successful navigation of this market requires identifying which ad-tech firms and streaming platforms can thrive when independent hardware no longer exists. Investors looking to capitalize on shifting advertising budgets may want to add independent programmatic ad-tech operators to watchlists as the connected-TV ecosystem adjusts to the newest gatekeeper.

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Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) (ASX: COB, OTC: CBBHF) and Glomar Minerals LLC have advanced plans for Project Infinity, a proposed polymetallic nodule refinery in the United States.

The consortium, formed in March 2026, aims to build and operate what it says would be the world’s first commercial polymetallic nodule refinery in the US, targeting production of manganese, cobalt, nickel and copper from deep-sea nodules.

Site shortlist narrowed Cobalt Blue said the Project Infinity site selection process had moved from an initial list of more than 30 locations to a shortlist of 4 candidate sites across Texas, North Carolina and Louisiana.

The companies have engaged with 8 State Economic Development Offices and held in-person meetings with senior government representatives at the Select USA Investment Summit in Washington DC.

Shortlisted sites are being assessed for port access, infrastructure, workforce availability, permitting pathways, utilities, transport links and proximity to reagents.

The selection process prioritises brownfield locations with capacity for expansion and jurisdictions with streamlined environmental and regulatory frameworks. Site visits are now being planned.

Figure 1: Potential US Locations

Samples arrive at Broken Hill Cobalt Blue has received 25 kilograms of polymetallic nodules from Glomar Minerals’ licence areas in the Clarion-Clipperton Zone (CCZ) at its Broken Hill Technology Centre.

Initial bench-scale testing and characterisation have commenced, with the work designed to establish baseline design criteria and support the scope of a future pre-feasibility study.

The company said early data highlighted the strong multi-metal grades of the CCZ nodules, supporting their potential as an alternative to land-based resources.

Cobalt Blue managing director and CEO Dr Andrew Tong said the arrival of the samples was a key milestone.

“In the global race for critical minerals, control of processing will define the winners,” Tong said.

“The nodule samples now at our Broken Hill Technology Centre mark a key milestone in demonstrating our technology at scale and underscore Cobalt Blue’s role as a leader in critical minerals processing.”

Project Infinity targets US supply chain gaps Project Infinity is designed as a fully integrated business to harvest, process, market and sell critical minerals from polymetallic nodules, aligning with US objectives to establish secure domestic critical minerals supply chains.

The project aims to process 200,000 tonnes of polymetallic nodules and 7,500 tonnes of cobalt hydroxide each year.

The cobalt hydroxide is expected to be sourced from ESG-compliant operations in the Democratic Republic of Congo and is intended to improve refinery economics while addressing gaps in US domestic production of manganese and cobalt.

Using Cobalt Blue’s proprietary technology, developed for its Kwinana Cobalt Refinery, the proposed US refinery would produce high-purity manganese sulphate and cobalt sulphate for battery markets, as well as nickel and copper metal.

A second phase is expected to examine recovery of iron, titanium and light rare earths from remaining leach residues.

Glomar licence base Glomar Minerals holds 100% interests in 2 exploration tenements, UK1 and UK2, in the CCZ, covering about 133,000 square kilometres.

It also holds a 19.9% interest in a third CCZ licence, OMS, covering about 58,000 square kilometres.

Figure 2: Glomar License Base

The company said more than US$40 million had been invested across these licences since 2012, including oceanographic surveys, environmental surveys and technical studies covering harvesting and processing.

Importantly, Glomar is working toward the release of a maiden resource statement.

Glomar Minerals executive chairman Robbie Diamond said the 4 shortlisted sites represented an important step toward building US processing and refining infrastructure for critical minerals used in manufacturing, defence and next-generation technologies.

Next Steps Cobalt Blue and Glomar Minerals will continue site visits and selection work in the US while bench-scale testing progresses at the Broken Hill Technology Centre.

New surveys and sample collections are planned between July and October 2026, with a ship scheduled to depart New Zealand.

Newly collected samples will be sent to Cobalt Blue for pilot testwork as part of the feasibility studies for Project Infinity.

Furthermore, detailed process flowsheets and feasibility studies are expected to begin once funding is secured.

Memphasys Ltd (ASX:MEM, OTC:MPHSF, FRA:IG7) has executed a 12-month exclusive national supply agreement with Monash IVF Group Ltd (ASX:MVF) (ASX) for the rollout of its Felix™ automated sperm selection system across Australia.

The agreement follows more than 10 years of collaboration between the companies and comes after Monash IVF conducted the pivotal Felix clinical trial, which concluded in 2025.

The deal represented the largest commercial arrangement for Felix to date and marked a key step in its transition from product validation to scaled commercial deployment.

Agreement follows clinical validation Felix will initially be deployed at two Monash IVF Group clinics during a 3-month rollout phase.

This stage will include implementation, staff training, system troubleshooting and the collection of embryology and clinical outcome data.

If the initial rollout is completed successfully, the full 12-month supply term will begin, enabling national deployment across Monash IVF’s Australian clinic network.

Monash IVF operates 22 clinics across all mainland capital cities and reported 12,085 stimulated IVF cycles in FY2025, with most involving intracytoplasmic sperm injection, or ICSI.

Terms support recurring revenue model Commercial terms of the agreement remain confidential, but Memphasys said the contract was expected to support significant ongoing revenue generation through the supply of Felix cartridges and consoles.

Initial delivery of cartridges and consoles is expected to begin immediately as part of the rollout phase.

The agreement also includes a quarterly ordering schedule, giving Memphasys greater visibility over production planning and cash flow.

Performance reviews and good-faith extension negotiations provide a pathway for expansion beyond the initial 12-month term, subject to adoption across Monash IVF’s network.

Anchor customer for Australian commercialisation Memphasys said the agreement provided an anchor customer deployment in Australia and a reference site for broader market expansion.

The company has secured inclusion of Felix on the Australian Register of Therapeutic Goods, allowing commercial deployment in Australia.

“Executing this agreement with Monash IVF is a significant commercial milestone for Memphasys, validating both the clinical value of Felix and our commercialisation strategy,” Memphasys Commercialisation Committee chair Marjan Mikel said.

“Beyond the contracted revenue opportunity, Monash IVF provides a world-class reference customer and a strong platform to support broader adoption of Felix across Australia and international markets.”

Strategy targets local and international growth Memphasys said Australia was a strategically important market for Felix, with more than 60,000 fresh IVF cycles performed annually.

The Monash IVF agreement adds to the company’s growing commercial footprint, with Felix now positioned across Australia, Europe, the Middle East and North Africa, India, Japan and Southeast Asia.

The company said Monash IVF’s clinical standing could support broader adoption of Felix in existing and new markets.

Memphasys has also established manufacturing capacity, supply chain infrastructure and quality systems to support the Monash IVF agreement and future growth opportunities.

What comes next The next step is the three-month implementation phase at the initial two Monash IVF clinics.

Subject to successful completion and final site confirmation, Felix will then be rolled out across Monash IVF’s national network under the 12-month supply agreement.

Memphasys also expects the outcomes of the pivotal Monash IVF clinical trial to be published in the near future, providing further independent validation of Felix against conventional sperm selection methods.

About Memphasys Memphasys is an Australian reproductive biotechnology company commercialising the Felix System, a patented bio-separation technology designed to isolate viable sperm cells for assisted reproduction.

The system combines electrophoresis and size-exclusion membranes to provide a fast, gentle and standardised sperm selection process.

Memphasys’ commercial strategy is focused on building contracted sales through direct and distribution-led channels, scaling production to improve margins and positioning Felix as a new global standard in sperm preparation for assisted reproductive technology procedures.

Netflix is denying a report that it’s interested in buying Lionsgate — the movie studio behind the “John Wick” and “Hunger Games” franchises — after it purportedly lost out on acquiring streaming giant Roku to Fox Corp.

Semafor reported Tuesday that Netflix is one of a number of media companies eyeing Lionsgate, though the Los Gatos, Calif.-based firm has not put in a formal indication of interest yet. Shares of Lionsgate jumped nearly 11% in midday trading.

But the streaming giant denied it has any such interest in a statement to The Post.

“Netflix is not interested and is not pursuing Lionsgate,” a rep said.

Netflix boss Ted Sarandos. Getty Images for Netflix To date, Netflix, home to “Stranger Things,” “Bridgerton” and “The Crown,” has preferred to grow from within rather than expand through large acquisitions.

A rep for Netflix said the streamer “did not put in a formal bid for Roku.”

Fox Corp. CEO Lachlan Murdoch announced Monday that the company was acquiring Roku for about $22 billion. Fox Corp. is sister company to The Post’s corporate parent News Corp.

Lionsgate, home to the “John Wick” and “Hunger Games” movie franchises, is reportedly drawing interest from potential buyers. Getty Images for Lionsgate Studios Yonkers Neflix, meanwhile, produces original shows and films and competes with the biggest channels available on Roku, like Disney’s streamers and Comcast’s Peacock, sources noted.

Fox CEO Lachlan Murdoch said Monday that his company will acquire Roku for $22 billion. FOX Image Collection via Getty Images In the past, Netflix co-CEO Ted Sarandos has described the company’s approach to M&A as “disciplined.”

Netflix had expressed interest in buying Roku, according to Semafor. ZUMAPRESS.com It declined to raise its $82.7 billion offer to buy Warner Bros. Discovery in February, losing a protracted bidding war to Paramount Skydance, which offered $110 billion.

In Netflix’s earnings call in April, Sarandos said during the pursuit of WBD, “We really built our M&A muscle.”

“We’ve learned so much about deal execution, about early integration,” he added.

The streaming industry's strategic consolidations continue, although the most recent one took more than a few investors by surprise. Just days after Paramount Skydance (PSKY 1.81%) cleared a major regulatory hurdle to move forward with its acquisition of Warner Bros. Discovery (WBD 0.86%), media powerhouse Fox Corp. (FOX 4.01%) (FOXA 4.42%) announced on Monday, June 15, that it intends to purchase streaming technology outfit Roku (ROKU 1.84%) for $22 billion in stock and cash.

It's a good fit for several reasons, not the least of which is that the merger of two relatively small players in the business shouldn't raise any serious antitrust concerns that larger players might encounter. The bigger upside is simply that Roku's place in the industry offers a much more promising future than mere content creation -- a role increasingly rife with challenges that may never go away.

Image source: Getty Images.

Roku by the numbers On the off-chance you're not aware, Roku makes streaming hardware. It's best known for its set-top boxes that attach to a television, offering users a way to access their streaming services. More recently, though, it's licensed its tech and brand name to TV manufacturers.

In addition to hardware revenue, Roku receives payments from streaming services like Netflix and Paramount+ for promoting and distributing their programming. Indeed, this business accounted for 90% of Roku's total first-quarter revenue of $1.25 billion, versus only 10% from device sales and licensing.

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And Roku made quite a name for itself on this front. Although it doesn't account for the majority of the rather fragmented connected-television market, Roku's hardware is the most commonly used in the Western Hemisphere and within North America, where it enjoys a 36% market share in both regions, according to numbers from Pixalate. It's leading in Latin America too, with connected-TV market share of 42%. All told, more than 100 million households worldwide now use its streaming tech.

This, of course, is what Fox is eyeing. As the TV entertainment industry continues to move away from conventional cable and toward streaming, being a streaming gatekeeper offers some control over what consumers can easily access, and how they can be monetized.

And Fox could certainly use the help.

Smart, strategic positioning Don't misread the message. Fox is doing fine in terms of cable-TV market share. The cable-TV market itself, however, is shrinking. Comcast's (CMCSA 1.29%) Xfinity lost another 322,000 paying customers last quarter, while Charter's Spectrum shed another 60,000, extending long-standing streaks of subscriber attrition. Again, this crowd is increasingly viewing streaming content, which TV-ratings agency Nielsen says now accounts for more total viewing time in the United States than cable programming and network broadcasts combined. Fox is simply ensuring it has a seat at the table -- by owning the table.

This doesn't mean Roku or Fox can favor their own streaming apps over others, if and when this acquisition is allowed to move forward. The pairing may not be of particular concern to the Federal Communications Commission (FCC), since it won't change (at least not initially) any programming that's currently available. But odds are good that the Department of Justice (DOJ) will scrutinize the fact that a major network and a minor streamer will have control of a major means of content distribution. Fox will almost certainly be required to make assurances that it will remain impartial.

Impartial, however, doesn't mean Roku can't prominently feature Fox's free-to-watch (100% ad-supported) streaming channel Tubi, which Nielsen reports is now more watched within the U.S. than Paramount+ or Comcast's Peacock. For that matter, so is Roku's homegrown free-to-watch streaming service The Roku Channel. As the two biggest ad-supported streaming venues in the U.S., these two platforms should complement one another's growth.

Then there's the other hook: Fox's sports arm. While it doesn't offer access to the most sporting events, when and where it chooses to compete, it does so in a big way. For instance, its coverage of Super Bowl LIX in early 2025 was the single most-watched sporting event of the year, according to Nielsen -- and it was also on Tubi. There's little doubt that Fox could leverage its sports reach to cross-promote Roku, and vice versa.

Despite the market's initial response, it makes good sense Connect the dots. This is a brilliant buy.

Sure, there are other combinations that could conceivably work. Almost all of them face at least one significant complication, though: Any prospective partner like Walt Disney or Paramount Skydance already owns a broadcast network. It's unlikely the FCC or the DOJ would allow two majors to operate under the same roof.

Netflix is a neutral streaming name that could do well by entering the distribution technology business, although it's arguable that uniting the world's biggest streaming name with the Western Hemisphere's top streaming distribution platform would raise more than a few regulatory eyebrows. Netflix also seems to be doing fine on its own, and isn't interested in changing its corporate chemistry.

Pairing a respectably-sized media name like Fox with an increasingly important media distributor, however, is a cost-effective win-win. Moreover, with Roku's distribution leverage at its disposal, bundled content partnerships -- like plans for a sports-focused streaming package called Venu that Fox, Disney, and Warner Bros. ultimately abandoned in early 2025 due to regulatory hassles -- come back into focus, with Fox holding most of the cards.

That's why it's a bit surprising that the acquisition announced on Monday hasn't happened yet, and particularly surprising that Comcast didn't make a bid. It definitely had something to gain by easing into the streaming hardware and distribution business. Comcast could also have done something special with Roku by leveraging its existing cable, broadband, and even mobile infrastructure, as well as its NBC broadcast network, Universal Studios, and its streaming service Peacock.

Fox doesn't bring quite as much to the table. It brings enough, though, and Roku certainly offers something complementary at a time when a larger content library alone is of little value. Streaming programming has essentially become a commodity; there's so much of it that consumers are struggling to sift through all of their choices. It's the intermediaries that are best positioned to monetize streaming programming.

Investors punished the deal anyway, sending Fox shares lower on Monday. However, that's arguably a reflection of sheer surprise, along with the seemingly high price the company's paying for Roku. It's worth the premium, though. A great deal of synergy is waiting to be unlocked by this pairing.

4:20pm: Tech lead risk-on surge Wall Street closed sharply higher on Monday, with the Dow Jones Industrial Average finishing up 469 points, or 0.9%, at 51,671 and touching a fresh record high as investors welcomed signs of easing tensions in the Middle East. The S&P 500 jumped 1.7% to 7,554, while the tech-heavy Nasdaq Composite led the rally, surging 3.1% to 26,684.

Markets were buoyed by a preliminary agreement between the United States and Iran that includes reopening the Strait of Hormuz, easing concerns about global energy supplies and helping drive oil prices sharply lower. WTI crude fell nearly 5% to below $80 a barrel, its lowest level in two months, as traders unwound geopolitical risk premiums.

The improved risk backdrop added to momentum from the blockbuster SpaceX (NASDAQ:SPCX) IPO and sparked a broad rally in growth stocks. AI leaders continued to lead the charge, with NVIDIA climbing 3.5% and Microsoft gaining 2.6% as investors remained focused on the sector's strong earnings outlook.

While stocks celebrated the prospect of reduced geopolitical uncertainty and lower energy costs, gold prices also advanced toward $4,337 an ounce as investors balanced improving inflation expectations against the prospect of upcoming central bank decisions.

By the closing bell, the message from markets was clear: easing tensions abroad and continued enthusiasm for technology helped fuel another powerful rally, sending major U.S. indexes to new highs.

3:45pm: Proactive news headlines Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0) reported encouraging early results from its summer drill program at the Davidson River Project, with the first hole intersecting anomalous radioactivity and strongly graphitic basement structures associated with uranium-bearing hydrothermal alteration. First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) completed a $15.4 million financing, providing fresh capital to advance its strategy of building a North American lithium iron phosphate (LFP) battery supply chain. Medicus Pharma (NASDAQ:MDCX) submitted a Rare Pediatric Disease Designation request to the FDA for SkinJect, its investigational microneedle patch designed to treat basal cell carcinoma in patients with Gorlin Syndrome. 2:50pm: Market movers SpaceX (NASDAQ:SPCX) shares climbed 17% to $187.70 on Monday, extending gains from their record-breaking IPO debut and lifting the company's market value above US$2.2 trillion, making it one of the six largest companies globally. Tower Semiconductor surged nearly 9% after securing a multi-year agreement with IQE to supply indium phosphide epiwafers for advanced silicon photonics products aimed at the rapidly expanding AI data center connectivity market. Payoneer Global gained 4.1% after agreeing to be acquired by Nuvei in an all-cash transaction valued at approximately $2.75 billion, with shareholders set to receive $7.40 per share. Fox Corp (NASDAQ:FOXA) agreed to acquire Roku in a cash-and-stock deal valued at about $22 billion, combining Fox's media assets with Roku's streaming platform while leaving Fox shareholders with a 73% stake in the merged company. Seeing Machines rose 8% after announcing design wins with two Japanese automakers, with broker Peel Hunt saying the contracts validate the company's Tier 2 supplier strategy and could ultimately generate more value than their stated $11 million lifetime revenue potential. 2:00pm: Peace deal drives sentiment “The US-Iran deal was going to be the only game in town for markets today after the US president announced it last night," said IG's Chris Beauchamp.

"Markets have been dancing to Trump’s tune ever since he was re-elected, and especially since his tariff announcements of last year. This has only intensified with the Iran war, but once again it looks like he may succeed in skirting a global meltdown, but only just.

"The news has been the signal for rampant buying, unleashing billions in equity purchases that have been waiting for this moment.”

12:20pm: Fox snaps up Roku Fox Corp (NASDAQ:FOXA) (Fox Corp (NASDAQ:FOXA)) has agreed to acquire streaming platform Roku Inc (NASDAQ:ROKU) (Roku Inc (NASDAQ:ROKU)) in a cash-and-stock deal valuing the company at approximately $22 billion in enterprise value, the companies announced Monday.

Under the terms of the agreement, Fox will pay $160 per share, comprising $96 in cash and 0.9693 Fox Class A shares. Fox shareholders will retain approximately 73% ownership of the combined company, with Roku shareholders holding the remaining 27%.

Fox Class A shares fell approximately 15.5% in Monday trading, while Roku shares slipped around 0.8%.

11:05am: Week ahead Wall Street heads into a holiday-shortened week facing a pivotal test as investors weigh a new era at the Federal Reserve, fresh readings on consumer spending and inflation, and geopolitical developments that could shape energy markets and risk appetite.

US markets will be closed Friday in observance of the Juneteenth holiday, compressing a week packed with market-moving events into four trading days.

The spotlight will fall squarely on Wednesday's Federal Reserve policy meeting, the first under new Fed Chair Kevin Warsh. While policymakers are widely expected to leave interest rates unchanged, investors will closely scrutinize Warsh's inaugural press conference for clues on the future direction of monetary policy.

“Warsh’s first press conference is a market-moving event,” said Kathleen Brooks, research director at XTB. “He is likely to say that economic conditions do not justify a hike at this time, however, he could reiterate his long-held view that tech investment, especially in AI capabilities, will boost productivity in the future without stimulating inflation.”

10:00am: Ceasefire sparks global relief Wall Street kicked off the week with a powerful rally on Monday after the United States and Iran announced a ceasefire agreement, easing fears of a broader conflict in the Middle East and boosting investor appetite for risk.

The Dow Jones Industrial Average surged more than 600 points to a fresh intraday record high, while the Nasdaq Composite jumped over 2% and the S&P 500 climbed sharply as traders welcomed signs of improving geopolitical stability.

Adding to the upbeat mood, oil prices tumbled as concerns over potential supply disruptions faded, with Brent crude falling 4.7% to below $83 a barrel. Cryptocurrency markets also rebounded, with Bitcoin climbing to around $66,800, while the US dollar weakened as investors scaled back expectations for aggressive Federal Reserve rate hikes. Gold, meanwhile, rose more than 2% to above $4,300 an ounce as markets repositioned following the dramatic shift in geopolitical tensions.

"Last week it seemed Kevin Warsh was set for a rocky first meeting as Fed chairman, but the slump in oil prices and an Iran deal changes the game for the new head of the world's most important central bank,” said IG’s Chris Beauchamp. “He can now go into the meeting arguing that the shock of higher energy costs will continue to fade, bolstering his argument for rate cuts."

Investors are also digesting a fresh wave of corporate and economic news. Fox said it will acquire Roku for $160 per share, while AI company Anthropic reportedly sent staff to Washington after facing export restrictions on its most advanced artificial intelligence models. On the economic calendar, traders are awaiting the Empire State manufacturing survey, industrial production figures and home-builder confidence data for further clues on the health of the US economy.

Ahead of the bell US stock futures surged on Monday after Washington and Tehran announced a ceasefire agreement that should reopen the Strait of Hormuz, sending oil prices sharply lower and lifting risk appetite at the start of a holiday-shortened week.

Nasdaq 100 futures led the advance with a gain of 2%, while S&P 500 futures rose 1.3% and Dow Jones futures climbed 1%, building on solid gains from Friday.

President Trump described the ceasefire as "complete" in a Truth Social post late Sunday, with formal signing expected in Switzerland on Friday and peace talks to begin within 60 days.

Brent crude fell roughly 5% to just above $83 a barrel as fears over supply disruptions eased, though tanker operators remain cautious given the lack of detail in the provisional agreement.

SpaceX (NASDAQ:SPCX) added to the positive mood after shares extended Friday's near-20% debut surge with further gains in premarket trading, pushing the Elon Musk-led company's market value above $2 trillion.

The Federal Reserve's rate decision on Wednesday is the week's main event, with traders pricing in a near-certain hold.

, /PRNewswire/ -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Roku, Inc. (NASDAQ: ROKU) related to its sale to Fox Corporation. Under the terms of the proposed transaction, Roku shareholders are expected to receive $96.00 in cash and 0.9693 shares of Fox Class A common stock for each Roku Class A and Class B share outstanding. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/roku-inc/. It is free and there is no cost or obligation to you.

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Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

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The streaming and media wars continue with yet another big acquisition: Fox Corporation is acquiring Roku for $22 billion.

The two companies announced the deal before markets opened on Monday morning, with Fox saying it will pay $160 per share in a purchase that will combine cash and Fox stock. The deal is expected to close next year.

Roku is perhaps most widely known for its streaming devices and hardware, but it also runs a streaming channel, The Roku Channel, which has its own slate of original programming. 

Fox is the parent company of Fox News, Fox Sports, and other entities spun out of 21st Century Fox when the Walt Disney Company purchased the entertainment studio in 2019.

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How have markets reacted to the news?Shares of both companies declined in early-morning trading on Monday after markets opened.

Roku Inc. (Nasdaq: ROKU) saw its stock price down about 1% just after the bell, while the stock price for Fox Corporation (Nasdaq: FOXA) tumbled more than 15%.

This is a contrast to the broader Nasdaq Composite, which was up more than 2% in early trading on Monday.

Explore Topicsentertainementfoxrokustreaming tvtv industry

Roku, Inc. (ROKU) M&A Call Transcript

Rumors were swirling late last week that Roku (ROKU 1.35%) had put itself on the auction block. The scuttlebutt suggested that the company was in talks to be acquired by a major U.S. media company, according to Bloomberg, citing "people with knowledge of the matter." Those reports sent the stock up 20% on Friday, as investors considered the ramifications of a potential tie-up.

Turns out those rumors were well-founded. A joint press release dropped Monday morning, revealing that Roku had agreed to be acquired by Fox Corporation (FOXA 17.79%) (FOX 15.45%) in a deal that's sure to shake up the media space.

Here's what investors need to know.

Image source: The Motley Fool.

The end of an eraFox has agreed to acquire Roku in a cash-and-stock deal that values the streaming pioneer at $22 billion or $160 per share. Fox will pay $96 in cash per share and 0.9693 shares of Fox Class A common stock for each share of Roku Class A and Class B stock outstanding. Once the deal closes, Fox shareholders are expected to own roughly 73% of the combined company, while Roku shareholders will own roughly 27%.

The press release noted that the transaction had already been unanimously approved by the Boards of Directors of both companies and is expected to close in the first half of calendar year 2027. Roku founder and CEO Anthony Wood will "have an ongoing role" in the company and will be appointed to Fox's board once the deal closes.

Fox notes that the transaction combines a streaming leader with the company's No. 1 live news and sports portfolio, thereby increasing its scale and reach, positioning it in the high-growth connected TV segment, and boosting Roku's streaming credentials with Fox's premium content.

A lot to likeIt's easy to see why Fox would be interested in Roku. Earlier this year, Roku announced that it had surpassed 100 million streaming households worldwide.

The company's Howdy discount streaming service, which costs $2.99 per month, has attracted more than 1 million subscribers since its debut in August, by offering thousands of titles totaling more than 10,000 hours of entertainment, with movies and programming courtesy of Warner Bros. Discovery, Lionsgate, and FilmRise, as well as select original programming from Roku's own library.

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Then there's The Roku Channel -- Roku's homegrown ad-supported channel -- which has established itself as one of the premier ad-supported channels. Data from Nielsen shows that The Roku Channel ended 2025 in the Top 10 among media companies, with a 3% share of all U.S. TV viewership.

That same data suggests that the combination of Fox and The Roku Channel will place it third on the list, commanding roughly 10% of the television viewing audience, behind Alphabet's YouTube and The Walt Disney Company, with 12.7% and 10.7%, respectively.

So why are the stocks trading lower today?In a telling turn of events, both Roku and Fox are trading lower on Monday, after investors in both camps panned the idea. Indeed, Fox shares have slumped 16% as of 1:06 p.m. ET, while Roku is down about 1%.

Shareholders are likely concerned about Fox's plan to take on $12 billion in new debt and the 34% premium it's paying for Roku compared to its price before Friday's rumors. Additionally, Roku's willingness to offer its streaming devices at or near cost to bring viewers into its ecosystem has been a winning strategy for the company, but it will add a measure of complexity to Fox's business. 

It also suggests that Roku shareholders believe Fox is underpaying and that a potential competing bid could emerge.

Stay tuned.

Danny Vena, CPA has positions in Alphabet, Roku, and Walt Disney. The Motley Fool has positions in and recommends Alphabet, Roku, Walt Disney, and Warner Bros. Discovery. The Motley Fool has a disclosure policy.

Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.

The proposed transactions may contain terms that could limit superior competing offers.

Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:

Roku, Inc. (NASDAQ: ROKU)'s sale to Fox Corporation for $96.00 in cash and 0.9693 shares of Fox Class A common stock for each Roku Class A and Class B share outstanding. If you are a Roku shareholder, click here to learn more about your rights and options.

Payoneer Global Inc. (NASDAQ: PAYO)'s sale to Nuvei for $7.40 per share in cash. If you are a Payoneer shareholder, click here to learn more about your rights and options.

Standard BioTools Inc. (NASDAQ: LAB)'s merger with Treeline Biosciences, Inc. Upon closing of the proposed transaction, Standard BioTools shareholders are expected to own approximately 16% of the combined company. If you are a Standard BioTools shareholder, click here to learn more about your rights and options.

Fox Corporation (NASDAQ: FOXA, FOX)'s merger with Roku, Inc. Upon closing of the proposed transaction, Fox shareholders are expected to own approximately 73% of the combined company. If you are a Fox shareholder, click here to learn more about your rights and options.

On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
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SOURCE Halper Sadeh LLP

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By PYMNTS  |  June 15, 2026

 | 

Fox is preparing to acquire streaming video company Roku for $22 billion.

The deal, announced Monday (June 15), will make Fox the third-largest player in the television world in terms of viewership share. The companies say they plan to operate Roku “as an open, partner-friendly platform” committed to “the continued ubiquitous distribution of FOX content.”

Fox CEO Lachlan Murdoch noted in a news release that the deal follows the company’s pivot to focus on news and live sports in 2019 and its acquisition of the Tubi streaming service in 2020.

“Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it,” Murdoch said.

“This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile.”

According to a CNBC report on the deal, Murdoch said in a call with investors Monday that the companies want to keep Tubi and The Roku Channel separate once the deal closes.

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He called them “incredibly complementary services” with roughly a third of overlap between their audiences. CNBC noted that most Tubi viewers come for on-demand content, in contrast to the free channels created in the mold of the traditional pay TV bundle.

The deal is subject to regulatory approval, and comes just as the U.S. government has signed off on an even larger media consolidation: Paramount Skydance’s planned purchase of Warner Bros. Discovery, cleared last week by the Justice Department.

“If completed, the $110 billion transaction would reshape the global entertainment landscape, creating a media powerhouse with an unmatched portfolio of film and television properties at a time when traditional studios are racing to adapt to the economics of the streaming era,” Competition Policy International, a PYMNTS company, wrote recently.

However, that report added, the deal still faces some regulatory hurdles. Authorities in Europe and the U.K. are examining the merger, while states including California and New York have been preparing legal action to block the deal, arguing that greater consolidation in the media sector could lessen opportunities for creative workers and hinder competition.

Meanwhile, recent research from PYMNTS Intelligence shows that while consumers are cutting back on spending, streaming services are likely to survive, as 73% of consumers did not flag entertainment as a challenge.

Figures like that, PYMNTS wrote earlier this month, challenge the idea that people under financial pressure just cut back on everything that isn’t a necessity.

Fox Corporation FOXA fell 10.81% in premarket after announcing a definitive agreement to acquire Roku ROKU for $160 per share in a cash-and-stock transaction, implying a $22 billion enterprise value. The offer comprises $96 in cash and 0.9693 Fox Class A shares per Roku share, representing an 11.7% premium to Roku's last close. Roku rose 1.63% premarket.

The deal unites Fox's sports, news, and entertainment content, with Roku's connected TV platform and The Roku Channel, which together reach more than 100 million global streaming households. Post-close, Fox shareholders are expected to own approximately 73% of the combined company and Roku shareholders 27%. Fox expects $400 million in run-rate cost synergies, has secured a $12 billion committed bridge financing facility, and anticipates the deal will be accretive to free cash flow per share by the second full year after closing. Net leverage at close is expected at 2.8x LTM EBITDA. The transaction has been unanimously approved by both boards and is expected to close in the first half of 2027.

Roku founder and CEO Anthony Wood will retain a role at the combined company and join the Fox board. Wood and entities controlling a majority of Roku's voting power have signed a voting and support agreement backing the deal. Roku's platform segment generated $4.1 billion in revenue last year, representing 87.5% of total company revenue, with Q1 digital advertising revenue of $613 million, up 27% year-over-year.