Slide 1: FOX and Roku Investor Presentation
June 15, 2026
Slide 2: Disclaimer
Disclaimer Cautionary Notes on Forward - Looking Statements This communication includes “forward - looking statements” within the meaning of federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act
Slide 3: Transaction Overview
Transaction Overview • FOX to acquire ROKU in a cash - and - stock transaction valuing ROKU at $160 per share 1 • Consideration comprised of 60% cash and 40% stock • Implies total equity value of $25B and enterprise value of $22B • Combined company to be owned ~73% by FOX shareholders and ~27% by RO
Slide 4: The Forces Shaping Media
The Forces Shaping Media Primacy of Live Sports and News Programming The Rise of Streaming Streaming % of Total U.S. TV Viewership 48% ~98% of Top U.S. Telecasts Are Live News and Sports 25% 2020 Today Sources: Sports Business Journal, Nielsen “The Gauge” as of March 2026 (Reflects Total Day, Person
Slide 5: FOX + Roku | Premium Media and Technology Platform
FOX + Roku | Premium Media and Technology Platform #1 in Sports + News and Leading AVOD Service Scaled and Advanced CTV Platform Streaming Ecosystem with Massive Reach Sports + News + Leading Advertising and Subscription Monetization Engines ~100M 1B+ ~300K Advertising Monthly Active Monthly Content
Slide 6: Strategic Rationale
Strategic Rationale Leading Connected TV Platform Expands Position in High Growth Verticals Enhances Reach and Engagement Accelerates Advertising Engine and Drives Cross Promotion Opportunities Advances Business Mix Toward High Growth Verticals Attractive Pro Forma Financial Attributes 6
Slide 7: Leading Connected TV Platform
Leading Connected TV Platform % Total U.S. Hours Spent Viewing CTV Content By O.S. Brand As of Q4, 2025 44% 25% 14% 12% 5% #1 CTV Platform 1 100M+ Global Streaming Households 100% Authenticated (Presence in 50%+ U.S. First - Party Data Broadband Homes) Sources: Comscore , Public Filings, Roku Manage
Slide 8: Roku's Attractive Business Model
Roku’s Attractive Business Model Devices Platform 1st and 3rd Party Advertising Placement Advertising 1 Roku Players & $2.5B $1.9B The Roku Roku Home 3rd Party Accessories Advertising $5.0B Subscription Channel Screen Apps 49% LTM Revenue 1 39% 45+ TV OEM $0.6B 2 Brands Globally Devices 11% Streamin
Slide 9: Expands Position in High Growth Verticals
Expands Position in High Growth Verticals Connected TV Advertising Streaming Subscriptions 2030 U.S. CTV Ad Spend, $B 2030 U.S. Streaming Subscription Spend, $B ~$60B ~$85B 2025 - 2030 CAGR: 12% 2025 - 2030 CAGR: 8% Core Roku Verticals Sources: E - Marketer ( CTV Ad Spend), Wall Street Research (D2C
Slide 10: Enhances Reach and Engagement
Enhances Reach and Engagement % Monthly TV Viewership in U.S., Nielsen Gauge (March 2026) 1 13.2% 10.5% 10.2% 3.0% 8.2% 8.1% 6.1% 6.1% 3.8% 7.2% 2 Source: Nielsen Gauge Notes: 1. Illustrative only; not an exhaustive list 2. NBCUniversal excludes Versant 10
Slide 11: Accelerates Advertising Engine and Drives Cross Promotion Opportunities
Accelerates Advertising Engine and Drives Cross Promotion Opportunities Engagement $6.5B $9B $2.5B LTM Advertising Premium Inventory Revenue 1 1st- Party Household & Demand and Viewership Data Targeting, Measurement, Personalization Sources: Roku Management, Public Filings Note: 1. As of March 31, 2
Slide 12: Advances Business Mix Toward High Growth Verticals
Advances Business Mix Toward High Growth Verticals Pro Forma Revenue Mix LTM March - 26 • Shifts mix towards fast - growing streaming and CTV FOX (Ex - Tubi) 70% • Enhances long - term revenue growth profile • Accelerates Adjusted EBITDA and free cash flow growth $21B • Well balanced across advertis
Slide 13: Attractive Pro Forma Financial Attributes
Attractive Pro Forma Financial Attributes Enhances Long - Term Growth and Profitability $400M of Cost Synergies with Additional Revenue Upside Free Cash Flow Accretive within Two Years of Close Strong Balance Sheet and Investment Grade Ratings Continued Commitment to Returning Capital via Share Repu
Slide 14: Transaction Sources and Uses
Transaction Sources and Uses Transaction Details Sources & Uses at Close 3 $B, Unless Otherwise Noted • $160 per share acquisition price 1 implies a ROKU equity value of $25B and enterprise value of $22B Sources • ROKU shareholders to receive $96 in cash and 0.9693 FOX Class A New Equity Issued to R
Slide 15: FOX | Roku
FOX | Roku