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Fox to Acquire Roku in $22 Billion Bet on Streaming
business25 days ago

Fox to Acquire Roku in $22 Billion Bet on Streaming

Fox Corp. has agreed to buy Roku for $22 billion in a cash-and-stock deal valued at $160 per Roku share, with about $400 million in expected annual cost savings. The union would give Fox a 100-million-household streaming footprint and bolster its ad-supported and live-news/sports strategy via its portfolio, including Tubi, as traditional pay TV declines. Roku shareholders receive cash and Fox stock, while investors reacted with Fox shares tumbling and Roku moving little on the announcement.

via Los Angeles Times|
#acquisition#advertising#business
Fox to snap up Roku in a $22B streaming deal
business26 days ago

Fox to snap up Roku in a $22B streaming deal

Fox is set to acquire Roku in a $22 billion deal, paying $96 in cash and 0.9693 shares of Fox Class A stock for each Roku share (about $160 per Roku share). The deal would give Fox roughly 73% ownership of the combined company and Roku about 27%, and is expected to close in the first half of next year pending shareholder and regulatory approvals. Fox’s stock fell about 16% on the news, with Roku’s stock also dipping slightly.

via AP News|
#business#fox-corp#media-and-entertainment-industry
Fox to Buy Roku in $22 Billion Streaming Bet
business26 days ago

Fox to Buy Roku in $22 Billion Streaming Bet

Fox Corp agreed to acquire Roku for about $22 billion, paying $160 per share in cash and Fox Class A stock. Upon closing, Fox shareholders would own about 73% of the merged company and Roku holders about 27%, creating a scaled media/tech group anchored by live sports, news, Tubi and the Roku platform with roughly $400 million in run-rate cost synergies and a closing targeted for the first half of 2027. Roku will remain an open platform, and Roku founder Anthony Wood will join Fox's board as the deal integrates Fox’s sports and news assets with Roku's streaming technology.

via Deadline|
#business#fox-corp#media-industry
Fox Pumps Up Streaming Ambitions by Buying Roku for $22 Billion
business26 days ago

Fox Pumps Up Streaming Ambitions by Buying Roku for $22 Billion

Fox Corp. has agreed to acquire Roku in a $22 billion deal, paying $160 per Roku share in cash and Fox stock, with closing targeted for the first half of 2027. The combination aims to mesh Fox’s live and on-demand content (including Tubi) with Roku’s connected-TV platform, positioning the new entity as a leading force in U.S. streaming and making Roku a more integrated partner. Roku founder Anthony Wood will join Fox’s board, and the companies project cost synergies and a path to free-cash-flow growth, with the deal expected to be accretive by 2029.

via Variety|
#business#fox-corp#mergers-and-acquisitions
"U.S. Representatives Express Antitrust Concerns Over Disney, Fox, and WBD Sports Streaming Partnership"
business2 years ago

"U.S. Representatives Express Antitrust Concerns Over Disney, Fox, and WBD Sports Streaming Partnership"

US Representatives Jerrold Nadler and Joaquin Castro have raised concerns about the anticompetitive implications of the proposed sports streaming joint venture between Disney/ESPN, Fox Corp., and Warner Bros. Discovery, requesting answers from the CEOs about its impact on pricing, access, and competition in the sports streaming market. The joint venture, set to debut in 2024, has drawn scrutiny from the Justice Department and faces a federal lawsuit from Fubo alleging antitrust violations. Disney CEO Bob Iger believes the venture will clear regulatory scrutiny, while the companies have announced former Apple TV+ exec Peter Distad as the JV's CEO.

via Variety|
#anticompetitive-concerns#business#disney
"Fox CEO Murdoch Optimistic About 5M Subscribers for Sports Streaming Venture"
business2 years ago

"Fox CEO Murdoch Optimistic About 5M Subscribers for Sports Streaming Venture"

Fox CEO Lachlan Murdoch projects that the sports streaming venture backed by Disney, Fox Corp, and Warner Bros Discovery will reach 5 million subscribers in its first five years, emphasizing the appeal to "cord-nevers" seeking affordable sports access. The service, set to launch this fall, will offer 14 linear network feeds covering major sports leagues, with pricing expected to be above $50 per month. Despite the growing urgency for streaming presence in sports programming, Murdoch does not foresee regulatory issues and believes the financial returns can be robust even with a relatively marginal subscriber count. Fox's decision not to invest in a subscription streaming outlet of its own is seen as a point of pride, with the company focusing on live news and sports while remaining "distribution agnostic."

via Deadline|
#business#disney#fox-corp
"Murdoch Aims for 5 Million Subscribers in 5 Years with Fox-Disney-Warner Bros. Discovery Sports Venture"
business-media2 years ago

"Murdoch Aims for 5 Million Subscribers in 5 Years with Fox-Disney-Warner Bros. Discovery Sports Venture"

Fox Corp, Disney, and Warner Bros. Discovery's sports streaming joint venture aims to reach 5 million subscribers within five years, offering a bundled sports package available directly to consumers in the U.S. and as an add-on to services like Disney+, Hulu, and Max. CEO Lachlan Murdoch emphasized the venture's potential to tap into the market of "cord-nevers" who have shunned traditional cable and satellite TV, despite facing opposition from companies like Fubo and potential regulatory scrutiny. Additionally, Fox Nation, the streaming-subscription offshoot of Fox News, currently has about 2 million customers.

via Variety|
#business-media#disney#fox-corp
"Tubi Unveils Refreshed Brand Identity and Logo in Streaming Service Overhaul"
businesstech2 years ago

"Tubi Unveils Refreshed Brand Identity and Logo in Streaming Service Overhaul"

Fox Corp's streaming service Tubi has unveiled a new logo and brand identity, featuring vibrant colors and a playful audio tone to reflect its "find your rabbit hole" concept. The update comes ahead of the fourth anniversary of Fox's acquisition of Tubi and has been credited with contributing to the company's increase in ad revenue. With over 74 million monthly active users and a significant share of TV viewing, Tubi's rebranding coincides with Anjali Sud's tenure as CEO and aims to provide a fun, bold, and engaging platform for viewers.

via Deadline|
#brand-identity#businesstech#fox-corp
"Media Giants' Joint Sports Streaming Venture Sparks Industry Concerns"
sports-business2 years ago

"Media Giants' Joint Sports Streaming Venture Sparks Industry Concerns"

Sports leagues are suspicious of a joint streaming service announced by ESPN, Warner Bros. Discovery, and Fox Corp, fearing that it could lead to reduced media rights fees as a combined entity may bid for live-game rights. The NBA is likely to expand its partners to four by extending with ESPN and TNT while adding Amazon and NBC. Leagues were reportedly blindsided by the announcement, and concerns have been raised about the potential impact on the competition for sports rights.

via RealGM.com|
#espn#fox-corp#sports-business
"Major Media Players Unite for Sports Streaming Venture in Streaming Wars"
businesstech2 years ago

"Major Media Players Unite for Sports Streaming Venture in Streaming Wars"

Fox Corp CEO Lachlan Murdoch is confident that the new sports streaming venture with Disney and Warner Bros. Discovery will attract "tens of millions" of cord-nevers without undermining the traditional pay-TV bundle. The non-exclusive programming licenses will bring 14 linear networks into a package that can be bundled with Max, Hulu, and ESPN+. Murdoch assured analysts that the streaming service would be "unique and innovative" and emphasized that the new venture will not significantly affect pay-TV affiliate partners.

via Deadline|
#businesstech#cord-nevers#fox-corp
"Big Media's Unified Sports Streaming Venture: Will It Succeed Against Tech Giants?"
business2 years ago

"Big Media's Unified Sports Streaming Venture: Will It Succeed Against Tech Giants?"

ESPN, Fox Corp, and Warner Bros. Discovery are teaming up to launch a new sports streaming platform in the fall, aiming to capture younger audiences and reduce costs. The service will feature a new brand with an independent management team and will be available via a new app, with pricing to be announced later. Each company will own one-third of the joint venture, and the platform will bring together sports linear networks and Disney's ESPN+. Subscribers will also have the option to bundle the product with Disney+, Hulu, and Max.

via BBC.com|
#business#espn#fox-corp
"Judge Allows Smartmatic's $2.7 Billion Defamation Suit Against Fox Corp. to Proceed"
legal-media2 years ago

"Judge Allows Smartmatic's $2.7 Billion Defamation Suit Against Fox Corp. to Proceed"

A New York judge ruled that Fox Corp must face Smartmatic's $2.7 billion defamation suit, while Smartmatic must also face Fox's counterclaims alleging the defamation claims are intended to suppress free speech. The ruling continues the lengthy court battle between the voting company and Fox News Corp over election conspiracy theories. The judge disagreed with Fox's motion to dismiss the claims, stating that Corp. employees played an affirmative role in the publication of the defamation, but also denied Smartmatic's motion to dismiss Fox's counterclaims. Fox had previously settled similar claims with Dominion Voting Systems for $787.5 million.

via NBC News|
#2020-election#defamation-suit#fox-corp
"OpenAI's Content Licensing Talks and NYT Lawsuit: Implications for AI Development"
artificial-intelligencetechnology2 years ago

"OpenAI's Content Licensing Talks and NYT Lawsuit: Implications for AI Development"

OpenAI is in discussions with CNN, Fox Corp, and Time to license their content for training its ChatGPT tool, amid allegations of copyright infringement. The startup aims to enhance the accuracy and relevance of its AI chatbot by incorporating news, video, and digital media content. OpenAI is currently facing legal challenges related to copyright infringement.

via Bloomberg|
#artificial-intelligencetechnology#cnn#copyright-infringement