FOX 收购 Roku 的协议包含现金和 FOX A 股。原研究区分了公告交易价值与 S-4 时点的对价估值，它们并非同一数字。

FOX's agreement to acquire Roku includes cash and FOX Class A shares. The original research distinguishes the announced transaction value from the valuation of the consideration at the time of the S-4; these are not the same number.

S-4 的模拟资产负债表与新发行股份，意味着合并公司要用新的净债务与股数分析。FOX A 与 B 的经济权益也不能重复计算。

The pro forma balance sheet and newly issued shares in the S-4 mean that the combined company must be analyzed using a new net-debt figure and share count. The economic interests represented by FOX Class A and Class B shares must not be counted twice.

公司预计在 2027 年上半年交割，仍附条件。9 月 9 日 SEC 文件确认监管部门提出第二轮资料要求；股东批准增发不等于监管批准。

The company expects closing in the first half of 2027, subject to conditions. A September 9 SEC filing confirms that regulators made a second request for information. Shareholder approval of the share issuance is not the same as regulatory clearance.

部分每股现金流增厚与协同目标，需要交割后更长时间才能实现。短期观察不能把远期好处全部提前兑现。

Some targets for per-share cash-flow accretion and synergies require a longer period after closing to be achieved. A near-term assessment should not bring all distant benefits forward as though they had already occurred.

重点核验最终融资成本、实际新股数、监管进度及现金流回升，观察交易条件如何改变合并公司的每股价值。

The key checks are the final financing cost, the actual number of new shares, regulatory progress and the recovery in cash flow, to understand how the transaction terms change the combined company's value per share.

本篇解读的是既有公开交易，原始公告时间见下方来源，不应把研究日期当作收购宣布日期。

This article interprets an existing publicly announced transaction. The original announcement dates appear in the sources below; the research date should not be mistaken for the date the acquisition was announced.