Fox announced a deal to acquire Roku this morning in a cash-and-stock transaction valued at roughly $22 billion.

• The combination would give Fox control of one of the largest TV operating systems in the U.S. and expand its push into ad-supported streaming through Roku's platform and Tubi, Axios' Sara Fischer writes.
• 🤔 But investors today seemed to have plenty of questions.

📉 The impact: Fox shares fell nearly 17% today.

• Roku shares slipped 2% after surging nearly 20% Friday on reports that the company was exploring a sale.

🔍 What they're saying: Fox is paying $160 per Roku share, a roughly 34% premium to the streaming platform's stock price before reports of a potential deal emerged, according to Barron's.

• The company is also taking on about $12 billion in new debt to fund the cash portion of the deal.
• 📞 On a conference call today discussing the transaction, analysts pressed executives on several potential challenges, including whether Roku can maintain its role as a neutral distribution platform for streaming services such as Netflix and Prime Video once it becomes part of Fox.
• Streaming companies that rely on Roku to reach viewers could become wary if they perceive Fox as receiving preferential treatment on the platform.

The big picture: Fox and Roku executives dismissed those concerns.

• Other analysts point out that Roku's reach into 100 million global households — one of the reasons it's an asset to Fox — also makes it hard for platforms to walk away from.

The bottom line: Fox executive chair and CEO Lachlan Murdoch said the acquisition advances the company's strategy of focusing on live programming and free, ad-supported streaming, while giving Fox a larger role in how viewers discover and access television content.

What a difference a deal makes — at least for a day, Axios' Pete Gannon writes.

• The prospect of a reopened Strait of Hormuz and a potential U.S.-Iran peace deal sent stocks soaring, pushed oil prices lower and lifted crypto as investors switched back into risk-on mode.

📈 By the numbers: The S&P 500 closed up 1.7%, while the tech-heavy Nasdaq soared 3.1%.

• SpaceX jumped another 20% in its second day of trading after Thursday's record IPO, closing today at $192.50.
• 🪙 Bitcoin rose 4.2% over the past 24 hours, to $66,550.

🛢️ What we're watching: Brent crude fell 3.7% to just over $83 a barrel.

Go deeper:

• What a U.S.-Iran peace deal could mean for energy, inflation
• The 8 unresolved questions in Trump's Iran deal

💰 Nvidia sold $25 billion of high-grade bonds, the chipmaker's first bond sale since the start of the AI boom. (Bloomberg)

🤖 Salesforce agreed to buy AI customer service platform Fin for about $3.6 billion. (CNBC)

Starbucks is betting that customers have an appetite for viral beverages, launching bright blue coconut drinks Tuesday as it refreshes its menu, Axios' Kelly Tyko writes.

🥥 Zoom in: The company's Blue Coconut Refresher can be ordered with lemonade, coconut milk or water.

• The Iced Blue Coconut Matcha pairs matcha with mango flavors and toasted coconut cold foam.

🔍 Between the lines: As food dyes face increased scrutiny in the Make America Healthy Again era, Starbucks says spirulina gives the drinks their blue hue.

The big picture: Starbucks is making progress on CEO Brian Niccol's turnaround plan, but menu innovation remains key to its growth strategy.

• It's part of a broader industry trend, with chains from McDonald's to Taco Bell to Dunkin' increasingly turning to beverages to drive growth.

What's next: The S'mores Frappuccino returns June 30 for Starbucks Rewards members and July 1 nationwide.

• Blended Energy Refreshers and a Blended Matcha Lemonade arrive in July.