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Market turns off Fox after US$25bn Roku streaming buy
Fox Corporation's stock dived after it agreed to buy streaming platform Roku Inc. in a cash and stock transaction with an enterprise value of US$22 billion (A$31.1 billion) to expand its presence in the fast-growing connected television and streaming markets. Fox Class B shares (NASDAQ: FOX) ended $8.96 (15.22%) lower at $49.96 on Monday (Tuesday AEST), capitalising the company at $21.74 billion. The American media company will pay $160 per Roku share, consisting of $96 in cash and 0.9693 Fox Class A common shares, which represented a premium of 34% to Roku's closing share price. The acquisition would combine Fox's portfolio of live sports, news and entertainment assets, including FOX News, FOX Sports, Tubi and FOX Television Stations, with Roku's streaming platform, which reaches more than 100 million households globally. Fox Executive Chair and Chief Executive Officer Lachlan Murdoch described the transaction as a transformative step in the company's long-term strategy. "This is a defining moment for FOX," Murdoch said in a press release. "Bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it will transform the sco
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James Murdoch acquires Vox Media units
James Murdoch is set to acquire key units of Vox Media, including New York Magazine. The deal is expected to be worth over US$300 million (AU$421 mil) and will see the portfolio of the youngest Murdoch son expand considerably, as he takes on around half of the Vox Network. Beyond New York Magazine, he will acquire the network's podcast network and the political news website Vox.com as well. The deal is being made via Murdoch's media and technology holding company Lupa Systems. “This acquisition reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism,” he said in a statement on Wednesday. “It will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group.”
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Walt Disney revenue exceeds expectations in Q2
Walt Disney surpassed revenue expectations due to boosts in its streaming and theme park units. Its experiences segment, which includes theme parks and cruises, reported revenue growth of 7% year-over-year to nearly US$9.5 billion. Despite global guest attendance growing 2%, domestic park visitation fell 1% compared to the year prior. Disney said it remains optimistic that domestic visitation will grow in Q3 despite the impact of heightened global macro uncertainty. “We continue to see a strong consumer. While there may be some concerns around the macros and specifically around the price of fuel, we have not seen any evidence of that,” Disney CFO Hugh Johnston told CNBC. Overall revenue was also up 7% to US$25.17 billion, exceeding Wall Street expectations of $24.78 billion. Net income for the second quarter was $2.47 billion, or $1.27 per share, down from $3.4 billion, or $1.81 per share last year. When adjusting for one-time items, including ESPN’s acquisition of the NFL Network and other media assets, Disney reported earnings per share of $1.57. This surpasses the $1.49 per share expectation. The company said it expects full-year adjusted earnings to grow around 12% for fiscal 2026, It also said it wa
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Paramount Skydance beats Wall Street expectations
Paramount Skydance beat Wall Street’s expectations with its first-quarter earnings due to boosts from its streaming and film businesses. The company reported revenue growth of 2% to US$7.3 billion. This surpassed Wall Street expectations of $7.28 billion. This was lifted by a 11% increase in revenue year-over-year for its streaming unit to $2.4 billion. Paramount+ added 700,000 subscribers during the quarter and grew 17% from the same time last year. The streaming platform has nearly 80 million subscribers, with the most recent quarterly growth coming despite price hikes on Paramount+ plans in January, the platform’s first since August 2024. The company’s film revenue rose 11% to around $1.28 billion, with the release of ‘Scream 7’ offering a boost to revenue and becoming the highest-grossing film in the horror flick franchise. Following the merger of Paramount and David Ellison’s Skydance last year, the company said it has nearly doubled its film slate for 2026. Like its peers, however, Paramount’s TV media business, which includes broadcast network CBS, as well as cable TV channels like Nickelodeon, MTV and BET, was weighed down by the continuation of cord-cutting. The segment reported $3.67 billion in re
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Paramount seeks FCC approval for foreign investors
Paramount Skydance has asked the United States Federal Communications Commission (FCC) to approve foreign investments backing its acquisition of Warner Bros Discovery. Once merged, Paramount said the company will be 49.5% owned by foreign investors, with around 38.5% of the equity in the new company held by a trio of Middle Eastern funds. In an FCC filing, the media giant said Saudi Arabia’s Public Investment Fund will have a 15.1% equity stake; the United Arab Emirates’ sovereign wealth fund will own 12.8% equity; and the Qatar Investment Authority will own 10.6% equity. Paramount has previously said foreign investors backing its WBD takeover will not have board seats or voting shares. The filing also said that the Ellison family, along with RedBird Capital Partners, will continue to hold the largest equity stake in the merged business and will continue to have control over shares with 100% voting power. A Paramount spokesperson said the filing was completely standard for investments like this one at issue and is not a condition to closing Paramount's acquisition of Warner Bros. FCC rules govern foreign investments in ⁠U.S. television broadcasting. The company said the greenlight would reduce barriers to furthe

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WBD shareholders vote in favour of Paramount deal
Warner Bros shareholders have overwhelmingly approved of the company’s proposed merger with Paramount Skydance in a preliminary vote. This brings the sale process one step closer to the finish line. The deal would be worth around US$111 billion, with Paramount offering $31 per share for the entirety of Warner Bros. Discovery. This offer caused Netflix to walk away from its deal with Warner Bros after a months-long bidding war between the companies. Paramount’s deal would also include a $7 billion breakup fee in the event the proposed merger didn’t win regulatory approval. The company also agreed to pay the $2.8 billion Warner Bros owed Netflix for the termination of that agreement. Warner Bros CEO and president David Zaslav said the shareholder approval was a key milestone towards completing the transaction. “We will continue to work with Paramount to complete the remaining steps in this process that will create a leading, next-generation media and entertainment company,” he said. Top proxy advisory firm Institutional Shareholder Services (ISS) had recommended that shareholders accept the deal, which it said was “the result of a competitive sales process and public bidding war.” “Further, shareholders are r
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Hollywood actors oppose Paramount-Warner Bros merger
A-list actors, including Kristen Stewart, Ben Stiller and Lin-Manuel Miranda, have signed an open letter opposing Paramount’s proposed acquisition of Warner Bros. Discovery. The letter has over 1,000 signatures and said the merger would “further consolidate an already concentrated media landscape, reducing competition at a moment when our industries — and the audiences we serve — can least afford it”. It also said the merger would lead to fewer jobs, fewer creative opportunities, and fewer choices for audiences, and would cause costs to rise as the number of major Hollywood studios would fall to four. “Our industry is already under severe strain, in large part due to prior waves of consolidation,” the letter states. “We have witnessed a steep decline in the number of films produced and released, alongside a narrowing of the kinds of stories that are financed and distributed. “Increasingly, a small number of powerful entities determine what gets made — and on what terms — leaving creators and independent businesses with fewer viable paths to sustain their work.” The letter also suggested that the Paramount Warner Bros deal prioritises “the interests of a small group of powerful stakeholders over the public good”.
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Jeff Shell exits Paramount amid lawsuit
Jeff Shell will depart from his role as president of Paramount Skydance following a legal battle. This comes as professional gambler R.J. Ciprini asserted that Shell owed him US$150 million for crisis communications services and alleges the exec shared confidential information about Paramount in violation of securities laws. Paramount has issued a statement confirming Shell’s exit from the company and said it denied any wrongdoing on Shell’s part after conducting an independent investigation. “PSKY and its named Board members will respond in the proceedings to the frivolous and baseless claims against PSKY and its named Board members and stockholders,” the company said. “Consistent with Mr. Shell's commitment to prioritising PSKY's success, he has elected to transition from his positions as President of PSKY and a member of PSKY's Board of Directors to focus on this lawsuit.” Cirprini alleged that Shell shared a belief that Paramount is overpaying for Warner Bros Discovery with him. Paramount has an agreement in place to acquire Warner Bros for $111 billion, pending regulatory approval. Cipriani’s lawsuit also alleged Shell shared confidential info about Paramount Skydance, including advance word of Paramount’
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Superior Paramount bid ends Netflix–WBD talks
Warner Bros. Discovery has determined that Paramount Skydance’s latest bid is a “superior proposal”, prompting Netflix to walk away from the merger deal. Paramount has raised its bid to buy the entirety of Warner Bros to US$31 per share from $30 per share in its latest amendments to its multiple offers and hostile bids to buy the company. This came after Netflix granted Warner Bros a seven-day waiver to re-engage with Paramount, resulting in a higher bid. Paramount’s offer is for the entirety of Warner Bros, including its pay-TV networks, such as CNN, TBS and TNT. Netflix would have only bought the company’s studio and streaming business for $27.75 per share. Warner Bros gave Netflix four business days to make changes to its bid, but instead decided walk away from the deal. “The transaction we negotiated would have created shareholder value with a clear path to regulatory approval,” Netflix CEOs Ted Sarandos and Greg Peters said in a statement. “However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid.” In response, Warner Bros CEO David Zaslav wished Net