Fox Corp. (FOXA) tapped Michael J. Aiello and Michelle A. Sargent of Weil, Gotshal & Manges LLP for counsel on an agreement to buy Roku Inc. (ROKU) for $22 billion in cash and stock announced on Monday, June 15.

Ketan Mehta and Omar Isani at Allen & Co. LLC were the lead financial advisers to Fox, which also used Morgan Stanley and Goldman, Sachs & Co. for financial advice. Morgan Stanley is providing a committed $12 billion bridge financing facility for the deal.

Chief legal and policy officer Adam G. Ciongoli, senior vice president for mergers, acquisitions and corporate governance Clement J. Smadja and deputy general counsel Adam R. Reiss were on the deal internally at Fox, which was spun out of Walt Disney Co. (DIS) in 2019 after Disney completed its $85 billion purchase of entertainment assets from Twenty-First Century Fox Inc.

Ciongoli joined Fox in 2023 from Campbell Soup Co. (CPB), where he was general counsel and chief sustainability, corporate responsibility and governance officer. He had been at Campbell since 2015. Aiello has done several deals for the Camden, N.J.-based food company, including its $6.1 billion acquisition of Snyder’s-Lance Inc., a deal announced in December 2017 and closed the next year, and its $2.2 billion sale of Australian snacks maker Arnott’s Biscuits Ltd. and other international businesses to KKR & Co. (KKR) in 2019.

Joshua M. Zachariah, Craig M. Schmitz and James Ding of Goodwin Procter LLP were counsel to Roku. George Boutros, Ethan Zweig and James Kim at Qatalyst Partners gave financial advice to the San Jose, Calif.-based television streaming platform, where general counsel Chris Handman was on the deal. Handman joined the company in November from Snap Inc. (SNAP).

Roku went public in a 2017 IPO on which Morgan Stanley and Citigroup Inc. were the lead underwriters and Allen & Co. was also an underwriter. The company hasn’t done any big-ticket M&A since then.

Fox will pay $96 in cash and about 0.97 Fox Class A shares for each Roku Class A and Class B share, a total of $160 per Roku share.

The deal will leave Fox shareholders with 73% of the combined company and Roku shareholders with a 27% stake. Fox plans to fund the cash portion of the acquisition with new debt and cash on hand.

Roku founder, chairman and CEO Anthony J. Wood will join Fox’s board of directors after the transaction closes, which the companies expect will occur in the first half of calendar year 2027, pending approvals from regulators and both sets of shareholders.

Wood and associated trusts and related entities that together hold a majority of Roku’s voting power agreed to vote for the sale. Jennifer M. Broder of Baker McKenzie LLP advised Wood on the deal.

Editor’s note: The original version of this article was published June 15, 2026, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a demo.