Fox Targets Raising About $8 Billion in Bonds to Fund Roku Deal
Key Facts
Fox is seeking to raise about $8 billion through an investment-grade bond sale to help fund its acquisition of Roku, Bloomberg reported on November 9. The offering could include bonds with maturities ranging from 3 to 40 years, according to the report. The company’s filing with the U.S. Securities and Exchange Commission did not confirm the offering size or maturity details; it said the company expected to complete additional financing transactions after the acquisition. Those transactions include issuing senior unsecured debt to refinance borrowings under the bridge facility. The expected financing is part of the rearrangement of funding sources for the Roku deal, which Fox completed days ago.
Fox disclosed that it drew $8.4 billion in bridge-facility loans on the day the deal closed, November 6. The company said the proceeds were used to pay part of the cash consideration and other amounts due in connection with the merger. The borrowing is an outstanding obligation that Fox said it intends to refinance through subsequent transactions, including the issuance of senior unsecured debt. The $8 billion amount and potential maturities appeared in Bloomberg’s report on the bond sale and were not presented in the official filing as final terms. The public filing did not disclose completed issuance terms or a date for completion.
Fox announced on November 6 that it had completed its acquisition of Roku. Under the deal terms, each Roku shareholder was entitled to $95.30 in cash and 0.9799 shares of Fox Class A stock for each Class A and Class B share held before closing. After the deal closed, Fox shareholders owned about 74% of the outstanding shares, while former Roku shareholders held about 26%. The consideration combines cash and shares, while loans drawn under the bridge facility funded part of the cash payments and other deal-related amounts. These obligations explain the link between the expected financing and refinancing the borrowing used to close the acquisition.
Fox said it expects to achieve annual run-rate cost savings of about $400 million within two years of completing the deal. It also expects the transaction to be accretive to free cash flow per share by the second full year after closing. These are forward-looking estimates announced by the company, not results achieved after the acquisition. The forecasts were included in the deal-completion announcement, along with the company’s reference to potential revenue gains. The financing plan and loan refinancing are being carried out as Fox begins integrating Roku into its structure following the transfer of the shares.
On financial performance, Fox reported revenue of $4.571 billion in the quarter ended September 30, 2026, compared with $3.738 billion in the same period a year earlier. Net income attributable to the company’s shareholders was $943 million, versus $599 million in the comparable quarter. The results provide a backdrop to the company’s performance before the acquisition closed, while financing costs and expected Roku-related savings remain part of the next phase of the deal. In the stock market, Fox Class A shares, ticker “FOXA,” closed at $67.69 on November 9. That is the available closing price for the session and does not by itself establish the bond report’s effect on the stock.