Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — June 15, 2026

Media

Our Call Steven Cahall

Good Morning Media! is our daily take on the relevant newsflow affecting the Media & Equity Analyst | Wells Fargo Securities, LLC

Steven.Cahall@wellsfargo.com | 212-214-8240

Cable sectors.

Omar Mejias

Equity Analyst | Wells Fargo Securities, LLC

Let's get together. FOXA is acquiring ROKU in a $25bn cash-and-stock transaction. Omar.Mejias@wellsfargo.com | 787-370-9353

FOXA will pay $160/share for ROKU, comprised of $96/sh in cash and 0.9693 in FOXA Wojtek Majerczak

common stock. Upon closing, FOXA shareholders will own about 73% of the combined Associate Equity Analyst | Wells Fargo Securities, LLC

company, with the remaining 27% owned by ROKU shareholders. The transaction is Wojtek.Majerczak@wellsfargo.com | 212-214-5480

expected to achieve $400mm of cost synergies and additional revenue upside. The

transaction is expected to close H1'27. (Source: Co reports, Deadline)

Green light? The DOJ has approved PSKY's ~$111bn acquisition of WBD, allowing the

deal to proceed without required divestitures, remedies, or concessions. However, the

merger still faces scrutiny from several state AGs, as well as ongoing regulatory reviews

in the UK and EU that could delay timing or introduce additional conditions. According to

Deadline, Cali's State AG is still stating that "Paramount acquisition of Warner Brothers

remains an active investigation." (Source: Deadline)

Put it on my tab. Demand for AWS-3 spectrum licenses is heating up in week two of the

FCC auction, with total bids rising to ~$767mm from ~$95mm the prior week, and nearly

all licenses now attracting multiple bidders. The pickup suggests stronger-than-expected