Fox Corp

Fox Corporation announced leadership changes effective December 1, 2026. Adam Ciongoli will step down as Chief Legal and Policy Officer and transition to a special advisor role for eighteen months. Nicholas Trutanich, currently Executive Vice President and Deputy General Counsel, will be appointed as the new General Counsel. The company also detailed separation and advisory agreements for Mr. Ciongoli, including a cash payment for equity awards and a consulting fee, and outlined the employment terms for Mr. Trutanich, including salary, bonus, and long-term incentive targets.

Fox Corporation reported strong financial results for the fourth quarter and full fiscal year ended June 30, 2026, alongside the announcement of its acquisition of Roku, which is expected to transform the company's growth profile. For Q4, revenue rose 28% to $4.21 billion and Adjusted EBITDA increased 27% to $1.20 billion, driven by the FIFA Men's World Cup and digital growth. Full year revenue reached $17.13 billion, up 5%, with Adjusted EBITDA growing 8% to $3.91 billion. The company also announced an increase in its semi-annual dividend to $0.29 per share.

Fox Corporation has entered into a $1.0 billion senior unsecured term loan credit agreement to partially finance its previously announced acquisition of Roku, Inc. The facility, contingent on the acquisition's consummation, matures two years after funding and allows for additional term loans up to $1.0 billion. The agreement includes customary covenants, interest rate options, and a commitment fee on unused amounts.

Fox Corporation announced its definitive agreement to acquire Roku, Inc. through a two-step merger. Under the terms, Roku shareholders will receive $96.00 in cash and 0.9693 shares of Fox Class A common stock for each share of Roku common stock they own. The agreement also includes provisions for the treatment of Roku's equity awards and options, and Fox Corp has agreed to appoint a Roku-designated individual to its Board of Directors post-closing. Both companies have committed to using their best efforts to complete the transaction, which may involve divestitures.

Fox Corporation announced a definitive agreement to acquire Roku, Inc. for approximately $22 billion ($160 per share in cash and stock). This strategic move aims to create a scaled media and technology platform by combining Fox's live content with Roku's leading streaming platform, reaching over 100 million households. The combined entity is expected to become a major player in U.S. television and streaming. The transaction is anticipated to close in the first half of 2027, pending regulatory and shareholder approvals.

Fox Corporation's Board and Compensation Committee unanimously approved extensions to the employment terms for Executive Chair and CEO Lachlan K. Murdoch and CFO Steven Tomsic through June 30, 2030. The company also increased their compensation packages, effective July 1, 2026. Mr. Murdoch's target annual bonus will rise to $9 million and his target annual equity award to $20 million. Mr. Tomsic's base salary will increase to $2 million, his target annual bonus to $3 million (rising to $3.5 million in 2028), and his target annual equity award to $4 million.

Fox Corporation reported a significant decline in net income and EPS for the three months ended March 31, 2026, with revenues decreasing by 8.6% to $3.99 billion. Net income attributable to stockholders fell by 52% to $166 million, and diluted EPS dropped to $0.38. Despite the overall decline, the company authorized an additional $5 billion for its stock repurchase program, bringing the total to $12 billion, and repurchased approximately $1.9 billion in shares during the nine-month period.

Fox Corporation reported Q3 fiscal 2026 financial results with total revenue of $3.99 billion, down from $4.37 billion in the prior year, primarily due to the absence of the Super Bowl LIX broadcast. Net income decreased to $175 million from $354 million. However, Adjusted EBITDA increased by 11% to $954 million, driven by lower expenses, and Adjusted Net Income rose to $570 million. The company highlighted robust core advertising trends and continued digital growth from Tubi, alongside ongoing share repurchases.