Jim Cramer expressed strong support for Fox News’ announced $22 billion acquisition of Roku, calling himself a big believer in the deal. Roku shares surged 20% on June 12th when news of the acquisition broke, contributing to a 70.5% gain over the past year and a 27% rise year-to-date. The company reported $1.13 billion in revenue on May 1st and raised its full-year outlook, while Guggenheim raised its price target to $130 from $115 with a Buy rating on April 21st, citing strategic evolution and user growth. Cramer referenced a conference call exchange between analyst Richard Greenfield and Roku CEO Anthony Wood, dismissing any implication of trouble at the company.
Roku IncRoku is the acquisition target at $22 billion, causing a 20% surge in its shares.
Fox Corp Class AFox News is the acquirer in a $22 billion deal, which Cramer supports, but the article focuses on Roku's surge.