Fox says it obtained a $12B loan for the ~$22B Roku deal; existing Fox shareholders are expected to own ~73% of the combined company and Roku shareholders ~27%

Fox Corp. has struck a deal to buy Roku for approximately $22 billion. To make it happen, the company secured a $12 billion loan — more than half the total price tag.

When the dust settles, existing Fox shareholders will own roughly 73% of the combined entity. Roku shareholders get about 27%.

The acquisition represents another major chapter in ongoing media consolidation. Fox is betting big that bolting Roku's streaming platform onto its media empire creates something neither company could build alone.

The sheer scale of the financing tells you everything about the ambition here. A $12 billion loan is no small commitment, and it signals Fox is going all-in on the streaming hardware and platform space.

No word yet on regulatory hurdles or timeline to close, but the financial architecture is already in place.