Recent Updates — FOX
Fox Corporation announced that Adam Ciongoli will step down as Chief Legal and Policy Officer effective December 1, 2026. Concurrently, Nicholas Trutanich, currently Executive Vice President and Deputy General Counsel, will be appointed General Counsel. Ciongoli will transition to a special advisor role for eighteen months with an annual consulting fee of $1.75 million and receive a separation payment including cash for cancelled equity awards totaling approximately $12.6 million. Fox Corporation produces and distributes news, sports, and entertainment content through brands such as FOX News Media, FOX Sports, and Tubi.
Fox Corporation held a special meeting on October 14, 2026, where holders of Class B common stock voted to approve the issuance of Fox's Class A common stock as consideration for its proposed acquisition of Roku, Inc. The proposal passed with 99.9% of votes cast in favor, receiving 197,363,560 affirmative votes against 71,891 opposed and 45,001 abstentions. A quorum was present representing a majority of the outstanding Class B shares. Fox Corporation operates in the media and entertainment industry, producing and distributing news, sports, and entertainment content.
Fox Corporation filed a supplement to its joint proxy statement/prospectus regarding the proposed acquisition of Roku, Inc. The filing discloses that Fox engaged Morgan Stanley as its financial advisor, agreeing to pay an aggregate fee of $30 million for services related to the transaction. Of this amount, $5 million was payable upon execution of the merger agreement, with the remaining $25 million contingent on consummation. This disclosure follows a putative class action lawsuit filed by a Fox stockholder in Delaware alleging material omissions in the registration statement. Fox denies the allegations but supplemented the proxy to avoid delays or adverse effects on the transaction's completion. The combined entity would merge Roku into Fox as a wholly owned subsidiary following approval at special meetings scheduled for October 14, 2026. Fox Corporation operates in the media and entertainment industry, producing and distributing news, sports, and entertainment content.
Fox Corporation announced that on September 8, 2026, it received a Second Request for additional information from the U.S. Department of Justice regarding its proposed acquisition of Roku, Inc. This request extends the Hart-Scott-Rodino antitrust waiting period until 30 days after substantial compliance is achieved. Fox expects to consummate the merger by the first half of calendar year 2027, subject to regulatory approvals and stockholder consent. The company operates in the media and entertainment industry.
Fox Corporation entered into a $1.0 billion senior unsecured term loan credit agreement on June 30, 2026, to fund its acquisition of Roku, Inc. The facility, administered by Morgan Stanley with a syndicate including Citigroup, Deutsche Bank, Goldman Sachs, and JPMorgan Chase, matures two years after the acquisition's consummation. The agreement allows for up to $1.0 billion in additional term loans and requires the company to maintain an operating income leverage ratio of 4.5 to 1.0. Interest rates are tied to the Base Rate or Term SOFR plus an applicable margin. Fox Corporation is a media company providing news, sports, and entertainment content.
Fox Corporation entered into a merger agreement to acquire Roku, Inc. through a two-step merger involving Falcon Merger Sub 1, Inc. and Falcon Merger Sub 2, LLC. Roku stockholders will receive 0.9693 shares of FOX Class A Common Stock and $96.00 in cash per share of Roku common stock. The transaction includes a $12 billion senior unsecured bridge term loan facility commitment from Morgan Stanley Senior Funding, Inc. Fox Corporation operates in the media and entertainment industry through its various broadcasting and streaming services.