All articles tagged with #fox corporation
Netflix shares fell about 4% after Fox Corporation disclosed a $22 billion acquisition of Roku, a deal that reportedly drew Netflix’s bids and a later Semafor report that Netflix’s offer was below Fox’s $160-per-share price. The news underscores ongoing media consolidation and potential regulatory hurdles for big mergers, while Netflix denied Lionsgate rumors and continues exploring growth opportunities.
Fox plans to buy Roku for about $22 billion, aiming to make the merged entity the third-largest U.S. TV player and give Fox direct access to Roku’s 100 million users; Fox intends to feature more Fox-branded content on Roku’s homescreen to boost ad revenue, while regulators review the deal for approval.
Fox Corporation will acquire Roku in a cash-and-stock deal valued at about $22 billion, paying $160 per Roku share and creating a combined company with FOX’s live sports, news and Tubi content alongside Roku’s The Roku Channel and streaming platform. On a pro forma basis, the merged entity would be among the largest U.S. TV players by share of viewing, with FOX shareholders owning roughly 73% and Roku holders about 27%. The transaction is expected to close in the first half of 2027, funded by debt and cash, and is anticipated to yield about $400 million of run-rate cost synergies and accrete free cash flow by year two. Anthony Wood will join FOX’s board, and FOX emphasizes maintaining an open Roku platform and uninterrupted capital returns, though closing is subject to regulatory and shareholder approvals and other customary conditions.
Fox’s $22 billion acquisition of Roku marks a strategic pivot to a digital-first model, giving Fox access to Roku’s massive front-door real estate and streaming-data capabilities. The deal could amplify cross-promotion for Fox series, bolster its ad-revenue via the Roku home screen, and support its global distribution and Creator Studios efforts, while keeping The Roku Channel and Tubi largely separate for now. Wall Street remains skeptical about the merger’s potential, and Fox stock fell on the news, but executives view it as a transformative platform play that could reshape Fox’s content and advertising leverage as the deal closes next year.
Fox Corporation will acquire Roku in a cash-and-stock deal valued at $160 per Roku share (about $22 billion enterprise value), uniting FOX’s live sports/news and Tubi with Roku’s streaming platform, The Roku Channel, to create a scaled, open streaming ecosystem reaching over 100 million households. On a pro forma basis, the combined company would be the third-largest U.S. TV player by share of viewing. The deal is expected to close in the first half of 2027, with approximately $400 million in run-rate cost synergies, financed by a bridge facility and debt, and FOX shareholders will own about 73% of the combined entity while Roku shareholders hold about 27%. Roku founder Anthony Wood will join FOX’s board after closing.
Fox Corporation is launching Fox One, a new streaming service on August 21 that offers live and on-demand access to Fox's news, sports, and entertainment content for $19.99/month or $199.99/year, targeting cord-cutters and cord-never audiences, and includes access to NFL and MLB games aired on Fox networks.
Fox Corporation has acquired a one-third stake in Penske Entertainment, including INDYCAR and Indianapolis Motor Speedway, and extended its media rights deal, signaling a new era of growth with innovative events, digital expansion, and increased promotion for the series, which has seen rising viewership and attendance.
Rupert Murdoch, the 93-year-old media mogul, married retired molecular biologist Elena Zhukova in a vineyard ceremony in Bel-Air, California. This marks Murdoch's fifth marriage. He recently stepped down as chairman of Fox Corporation and News Corp, passing the leadership to his son Lachlan, but remains active as chairman emeritus.
Fox Corporation must face Smartmatic's $2.7 billion defamation suit, as ruled by a New York judge, while Smartmatic must also face Fox's counterclaims alleging the defamation claims are intended to suppress free speech. The judge denied Fox's motion to dismiss the defamation claims, stating that Corp. employees played an affirmative role in the publication of the defamation and acted with malice. However, the judge also denied Smartmatic's motion to dismiss Fox's counterclaims, which argue that the defamation claims were designed to quell free speech. This legal battle is part of at least eleven ongoing lawsuits over election conspiracy theories, and Fox Corp. is preparing to defend the case in trial, likely in 2025.
A New York judge ruled that Smartmatic's defamation lawsuit against Fox Corporation, parent company of Fox News, can proceed, dealing a blow to Fox's leadership. The lawsuit stems from Fox's repeated airing of 2020 election lies, with the judge finding that Smartmatic's case is strong enough to proceed against the parent company. Smartmatic is seeking over $2 billion in damages and the case is still in the discovery phase, with major depositions taking place. The judge also allowed Fox News to continue its counterclaims against Smartmatic, alleging that Smartmatic's damages request is an attempt to silence the network's free-speech rights.
A New York judge has allowed Smartmatic's $2.7 billion lawsuit against Fox Corporation to proceed, rejecting the network's attempt to dismiss the case. The judge also refused to dismiss Fox's counterclaim against Smartmatic, stating that the damages claim may be designed to chill the network's First Amendment rights. Smartmatic alleges that Rupert Murdoch and Lachlan Murdoch played a role in broadcasting defamatory statements, while Fox argues that the damages claim is implausible and disconnected from reality. The case is expected to go to trial in 2025.
Rupert Murdoch's decision to step back from day-to-day oversight of his media empire has paved the way for his son, Lachlan, to take sole control of the businesses. However, the question of who will control the trust that votes the family's shares after Rupert Murdoch's passing remains unanswered. Speculation suggests that Rupert Murdoch may be preparing for another attempt to merge Fox Corporation and News Corp, a move he backed away from last year. Any potential merger would likely be preceded by a sale of parts of News Corp, including its real estate business. The media industry is undergoing significant shifts, and the Murdochs have shown a willingness to consider various options, including a sale, to ensure the future success of their businesses.
Lachlan Murdoch, the eldest son of media mogul Rupert Murdoch, has been named the new chairman of Fox Corporation and News Corporation, taking over his father's media empire. Lachlan's ascension was expected, as he has been co-chairing both companies and serving as CEO of Fox News. Rupert Murdoch will continue to serve on the boards as chairman emeritus. The Murdoch family's wealth and their behind-the-scenes feuding have made them a subject of intrigue. Lachlan's brother James broke with the company in 2020, while his sister Elisabeth often felt overshadowed. Lachlan has overseen Fox News during a period of misinformation, and Rupert signaled that the network's right-wing editorial stance will continue under Lachlan's leadership.
Rupert Murdoch, the 92-year-old media mogul, has announced his resignation as chairman of Fox Corporation and News Corp. His son, Lachlan Murdoch, will take over as sole chairman of both companies. Rupert Murdoch, who entered the newspaper business in the 1950s, became a prominent figure in Hollywood and the TV industry. Fox News, launched in 1996, grew to become the top cable news channel in America known for its Republican talking points and misinformation.
New York City's pension funds have filed a lawsuit against Fox Corporation and its board, accusing the company of neglecting its duty to shareholders by repeatedly broadcasting falsehoods about the 2020 presidential election. The lawsuit, filed in the Delaware Court of Chancery, alleges that Fox knowingly amplified false claims about election rigging, exposing itself to defamation lawsuits. The pension funds, representing nearly 800,000 workers and worth $253 billion, argue that Fox's executives and board have failed to take action to minimize the risk of defamation litigation. The State of Oregon has also joined the lawsuit. Fox settled a defamation lawsuit brought by Dominion Voting Systems in April for $787.5 million and faces a similar lawsuit from Smartmatic.