Netflix Explored Roku Deal but Balked Below Fox's $22 Billion Offer

3 articles · Updated · Semafor · Jun 16

Netflix held talks on buying Roku and conducted preliminary due diligence, but ultimately chose not to pursue a deal, according to people involved in the sale process.
Fox offered $22 billion in cash and stock for Roku, and people familiar with the matter said Netflix likely fell short of that roughly $160-a-share benchmark.
A Netflix-Roku combination also faced tougher antitrust questions because Netflix makes original content and competes with major streaming services distributed on Roku's platform.
The aborted Roku effort follows Netflix's failed pursuit of Warner Bros. Discovery and signals a broader push into large-scale media M&A, even as the company says it remains disciplined on price.
Netflix is also among companies interested in Lionsgate Studios, though no formal indication of interest has been submitted.