LOS ANGELES, July 1, 2026, 13:02 (PDT)
- Fox Corp NASDAQ:FOXA has named Seana Sullivan, who led communications for Tubi, as senior vice president of corporate communications. She’ll oversee Tubi Media Group and Fox’s digital businesses.
- The Roku NASDAQ:ROKU offer is no longer matching the $160 headline. Using the most recent Fox Class A price, the implied bid is around $148.61 for each Roku share.
- Tubi stands out on the investor side with over 100 million users a month and over 1 billion hours streamed monthly. Upfront ad sales booked double-digit growth.
Fox Corp NASDAQ:FOXA named Seana Sullivan as senior vice president of corporate communications. Sullivan had been Tubi’s VP of communications and publicity. She will now oversee messaging for Fox’s digital strategy, as Fox preps a pitch to investors on its planned Roku NASDAQ:ROKU buy.
Sullivan is taking charge of communications strategy for Tubi Media Group and other Fox digital units overseen by Paul Cheesbrough, such as Fox One, Red Seat Ventures, AdRise and Credible. She will report to Lauren Townsend, who is Fox’s EVP of communications.
Cheesbrough said Sullivan spent the last several years at Tubi, where she “turned bold ideas into breakout cultural moments.” He said her experience spanning product, content, and brand communications made her the right pick to “shape and tell our story” to teams. TheWrap
Investors don’t see this as just a personnel move. Fox reports clear Tubi numbers. For Fox One, there are no subscriber or user data out. The new communications job now includes both divisions.
| Fox digital item | Latest confirmed data | Investor read |
|---|---|---|
| Tubi audience | Over 100 million monthly actives, more than 1 billion hours watched a month | Big enough now for real weight in ad meetings |
| Tubi ad sales | Double-digit upfront ad volume increase for 2026-27 | Streaming growth is ahead of linear Fox’s single-digit ad volumes |
| Tubi operating trend | Q3 revenue jumped 23%, total view time up 19% | Clear growth, but Fox is still exposed to ad cycle swings from live events |
| Fox One | No FOX subscriber or monthly user numbers released | Investors still in the dark on user base |
| Roku | Over 100 million global streaming households | If this deal happens, Fox gets more distribution and first-party data |
The main focus for investors is the deal math. Fox is offering $96 in cash plus 0.9693 of a Fox Class A share for every Roku share, which comes to $160 per Roku share using Fox’s $66.03 Class A reference price. With Fox Class A last at $54.28, that part is worth around $52.61, so Roku’s takeout price is about $148.61 right now. Roku shares were last at $140.59, putting them 5.4% under that implied deal price and 12.1% below the $160 headline level.
| Roku deal measure | Per-share figure |
|---|---|
| Deal face value | $160.00 |
| Cash part | $96.00 |
| Stock part using Fox Class A’s last price | $52.61 |
| Current value of the deal | $148.61 |
| Roku latest price | $140.59 |
| Deal trades at a 5.4% markdown to market | 5.4% |
| Deal trades at 12.1% under face value | 12.1% |
Fox still needs to make the case on leverage. The company said it lined up $12 billion in bridge financing to cover the cash part, and sees net leverage at about 2.8x after the deal closes. Fox is aiming for around $400 million in yearly cost synergies and says free cash flow per share should get a boost by the second full year after close.
Tubi is key for Fox’s ad story. In the latest quarter, Tubi revenue jumped 23% and total view time grew 19%. Total company ad revenue dropped around 24% from the year before, due to Super Bowl LIX in the base period. CFO Steve Tomsic said overall ad revenue would have grown “double digits” if you back out the Super Bowl and NFL timing. Reuters
Wall Street was divided after the selloff. Wolfe Research’s Peter Supino raised Fox to outperform, set a $71 target, and said the deal with Roku “should double Fox’s long-term sales growth rate.” MoffettNathanson’s Robert Fishman stuck with neutral and a $59 target. He said the drop “likely presents an opportunity for patient investors” but warned there could be more “speedbumps.” Investor’s Business Daily
“The bigger play here is advertising revenue,” said Mike Proulx, research director at Forrester. He said streaming now means “controlling the full stack.” AP News
Roku CEO Anthony Wood is set to take an ongoing role and will join the Fox board when the deal closes. Both companies said they expect to finish the deal in the first half of 2027, pending shareholder and regulatory approvals.
