Fox Discloses DOJ Second Request on $22B Roku Deal, Reaffirms H1 2027 Close and 2.8x Leverage Target
FOXA sits 35% above its 52-week low of $48.34.
Summary
Fox disclosed that the DOJ has issued a second request on its $22B Roku acquisition, while reaffirming the H1 2027 close and providing new leverage and capital allocation guidance.
Key Events · M&A and Partnerships · FOXA
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DOJ Second Request Disclosed
On September 9, 2026, Fox announced that the DOJ has made a second request for information on the $22B Roku acquisition, a step management characterized as entirely expected.
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Closing Timeline Reaffirmed
Management confirmed the transaction is still expected to close in the first half of calendar 2027, with no change to the previously announced timeline.
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Leverage Guidance Provided
Fox President and COO John Nallen stated the combined company will start at approximately 2.8x net leverage at closing, with rapid deleveraging expected due to strong cash generation from both businesses.
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Capital Allocation Unchanged
Fox will continue its $1B-$1.5B share buyback program unabated during the acquisition, and the dividend program will continue without interruption.
Analysis · FOXA · Technology
At the Goldman Sachs Communacopia conference, Fox's President and COO revealed that the DOJ has issued a second request for information on the $22 billion Roku acquisition—a regulatory step that was anticipated but not previously disclosed. Management reaffirmed the first-half 2027 closing timeline and offered new capital structure guidance: the combined company will start at approximately 2.8x net leverage and deleverage rapidly, enabling Fox to continue its $1B-$1.5B buyback and dividend programs without interruption. While the second request introduces regulatory review risk, management characterized it as entirely expected and not altering the timeline.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30% of the 1963 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.14%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, FOXA was trading at $65.18 on NASDAQ in the Technology sector, with a market capitalization of approximately $25.9B. The 52-week trading range was $48.34 to $76.39. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.