JPM TECH SKETCH: FOXA Buying ROKU – Why Now?!, AMZN Merchant Silicon?, META Morale Terrible, SNAP Nerd Alert!, APP eComm GA This Week

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JPM TECH SKETCH: FOXA Buying ROKU – Why Now?!, AMZN Merchant Silicon?, META Morale Terrible, SNAP Nerd Alert!, APP eComm GA This Week

Specialist Sales J P M O R G A N

22 June 2026

at an estimated ~22x EBITDA/FCF (pre-synergies) does not strike us as overly aggressive given the reach and growth profile of

ROKU. On the fundamentals, Fox would also emerge as the clear leader in the FAST space, with attendant synergies in

advertising scale and content acquisition, and there are arguably beneficial considerations in cross-promotion and added

distribution for core Fox sports and news properties. As for the negatives, there is the dilution in near-term FCF/share, which

along with selling from arbs we think drove down shares today. The timeline on the deal with a calendar 1H’27 close is longer

than we would’ve expected, and while the combined company’s share in streaming is small, we have to recognize the

unpredictability of today’s regulatory environment.”

“From a Roku perspective, we’re surprised that the company is a seller right now given its recent business momentum,

with the acquisition price only slightly above our prior December 2026 price target of $150. That said, we see the strategic

rationale of a Fox combination, which has potential to accelerate the company’s Platform revenue trajectory over time. We’re

moving to a Neutral rating (vs. prior Overweight) and increasing our price target from $150 to $160, which reflects the agreed per

share acquisition price. We’re also removing Roku from our top picks list. Roku management indicated that the company ran a

"thorough and complete process," and thus we don't think a bid over the top is very likely, which should result in shares remaining

range-bound until the acquisition closes.”