Shares of Fox Corporation Class A (FOXA.US) continued their downward trajectory on Tuesday, falling over 5% to hit a new low for the year. The stock has now plummeted approximately 25% over a three-day period.

The selloff follows the company's official announcement on Monday of a definitive agreement to acquire the largest U.S. streaming hardware and distribution platform, Roku (ROKU.US), for $22 billion. This unexpected and significant deal signals a dramatic strategic pivot for the traditional media giant, which has long relied on its cable networks, live sports rights, and conservative news programming. It represents a substantial, all-in bet on the streaming future.

However, the capital markets have reacted with pronounced skepticism, delivering a cold shower of disapproval. Wall Street's primary concern centers on whether Fox is securing a vital ticket to the future or taking on a burdensome asset. The apprehension stems from the current market dynamics, where giants like Google's YouTube and Netflix hold near-monopoly power in the streaming advertising arena. Furthermore, analysts question the wisdom of spending heavily to acquire Roku, a company operating in the intensely competitive and hardware-centric streaming device market.