Yet Another Value Blog转发看多观点称福克斯收购Roku后的下跌反应过度

The market has decided Fox ($FOXA) blundered by paying $22 billion for Roku ($ROKU), and it has cut Fox roughly 25% in the two weeks since the deal was announced. Simeon McMillan of Accrued Interest [thinks the market is wrong (see his write up here)](https://www.accruedint.com/p/the-strait-of-roku-how-fox-seized). His case: Roku controls about 44% of how Americans reach streaming on the big screen, roughly 3x the next platform, so Fox just bought the front door to streaming and around 100 million connected TVs, and below the surface the deal is closer to 16-17x free cash flow once you give Roku credit for its barely-tapped ad levers and a few synergies. We get into the Roku homepage as the new "Netflix homepage," why Fox keeps making the smartest M&A bets in media, the Tubi sleeper Simeon is most bullish on, why he loves Roku but is bearish on Spotify, and why Google and Meta look like "true value stocks" to him. I push back hard on whether Fox plus Roku is really better than Roku staying neutral Switzerland for every bidder.

[This podcast is sponsored by my upcoming AI webinar with AlphaSense](https://www.alpha-sense.com/resources/webinars/choosing-your-ai-stack-a-framework-for-institutional-investors/?utm_source=pt_YAVP&utm_medium=sponsored&utm_campaign=SWB_DG_06-25-26_IMP-GENAI_CORPFS_YAVP-AI-Solutions)


This month’s episode is sponsored by my upcoming AI webinar with AlphaSense. The AI landscape has never been more crowded or more confusing: everyone is telling you to adopt AI, but almost nobody is asking which tools actually give you an edge. I’m sitting down with Dave Wang of Wall Street Prompt and Ben Collins of AlphaSense to break down the modern AI stack for investors, from horizontal platforms like OpenAI and Claude to agentic workflows and finance-specific intelligence tools, and where each one actually fits in a real research process. Join us on June 25th. [Register here.](https://www.alpha-sense.com/resources/webinars/choosing-your-ai-stack-a-framework-for-institutional-investors/?utm_source=pt_YAVP&utm_medium=sponsored&utm_campaign=SWB_DG_06-25-26_IMP-GENAI_CORPFS_YAVP-AI-Solutions)
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**Transcript for paid subs begins below (**The initial transcript is AI-generated and is replaced with a professionally edited version when available)

**Disclaimer**: Nothing on this podcast or on this blog is investing or financial advice; [please see our full disclaimer here.](https://yetanothervalueblog.substack.com/p/legal-and-disclaimer) The transcript below is from a third party transcription service; it’s entirely possible there are some errors in the transcript.
YAVP #403