This week, we separate facts from opinions on the news that Fox Corporation has agreed to acquire Roku. We break down all the numbers, the impact on Tubi and The Roku Channel, Roku&#x27;s hardware business, and all the other details you need to know. We also cover World Cup TV and streaming viewership stats released by Fox Sports, ITV, NBC Sports, STV, and others. We detail the revenue and profit numbers from Bending Spoons&#x27; SEC filing, which plans to go public this year. Finally, we go through the latest codec and protocol news, including Apple&#x27;s HTTP Live Streaming enhancements, the Alliance for Open Media publishing AV2 specs, and the impact on OTT services from current codec and ABR patent suits.<br>Podcast produced by Security Halt Media

Episode 173: Fox and Roku Deal Facts and Numbers; World Cup Viewership Stats; Numbers From Bending Spoons IPO Filing; Latest Codec News

The Dan Rayburn Podcast

# Full Transcript

**Podcast:** The Dan Rayburn Podcast

## Transcript

Welcome to this week's edition of the Dan Rayburn Podcast, the show that curates the streaming media industry news that matters most, unvarnished, unscripted, and providing you with the factual data you need to know without any of the hype, the pulse of the streaming media industry. Welcome to the Dan Rayburn Podcast. I'm Dan Rayburn back with co-host Mark Donegan. We are recording on a different day than the normal.

Usually we record on Fridays, but we are recording on Monday, June 15th. A busy day for news. Yes, too much news for today. You know, just between Mark and I traveling, there was a gap in last week. So obviously the big news today, Fox and Roku, we're going to go into in detail. We'll cover what we think are the most important things taking place in the industry over the last week and a half.

There's a few things we'll just throw off the list here so we can really focus today. We're also going to go into World Cup numbers. The nice thing, Mark, about actually not doing a podcast last Friday and waiting until Monday is we got a lot of World Cup numbers, which was really nice over the weekend. I have some Google alerts set up. So I was cranking out quick LinkedIn posts with numbers. It's fascinating to me how few people notice them or saw the numbers came out.

I saw pretty much nobody reporting on them outside of the Fox numbers, but we have some others as well in some other countries, which is great. More will be coming out. But before we go to the Fox ones, I mean the World Cup, let's just jump into the Fox Roku news. So we had rumors last week that Roku was looking for or looking at strategic options in the market, including potentially be acquired. Their stock went up quite a bit last week as a result. Yeah.

This morning Fox did announce it's agreed to acquire Roku $160 per share. Now this is in cash and Fox common stock, a 60-40 split. It values Roku to approximately $22 billion enterprise value. I don't know why the New York Post is using $25 billion. I saw someone using $28 billion. I don't know where those numbers come from. Yeah, the number's 22. Number's 22. It's in their press release. Yeah. Fox is taking on new debt to fund the deal.

It has secured $12 billion in fully committed bridge financing for Morgan Stanley. I saw they're saying it was $8 million again. It's in the press release. I don't know why this has been such a difficult day for people to report the news. It's pretty straightforward, the numbers. Now the deal is expected to close in the first half of next year. Now once it does close, Fox shareholders are expected to own approximately 73% of the combined company. Roku shareholders will own approximately 27%.

For those that don't know, Fox originally invested in Roku in 2013. Mm-hmm. They participate as an early pre-IPO investor. So they do have a relationship dating back quite a bit of time. Now some other numbers here. Fox gave out F...

Episode 173: Fox and Roku Deal Facts and Numbers; World Cup Viewership Stats; Numbers From Bending Spoons IPO Filing; Latest Codec News

Transcript

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Episode 173: Fox and Roku Deal Facts and Numbers; World Cup Viewership Stats; Numbers From Bending Spoons IPO Filing; Latest Codec News

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.