New Delhi, June 15 -- NEW YORK - Fox Corporation shares fell 15 percent on Monday within hours of the company announcing what Lachlan Murdoch called a defining moment in the company's history. Investors, apparently, were not convinced that $22 billion buys what the chief executive says it does.

The deal is straightforward enough on paper. Fox Corporation announced on Monday it would acquire Roku, Inc. for $160 per share in a combination of cash and Fox Class A common stock, valuing the company at roughly $22 billion in enterprise value. Each Roku shareholder receives $96 in cash and 0.9693 shares of Fox Class A stock. The transaction, unanimously approved by both boards, is expected to close in the first half of 2027.

What the deal is a...