Fox Snaps Up Roku for $22 Billion in Massive Streaming Bet

Fox Corporation is making its boldest move yet into streaming, agreeing to buy Roku for $22 billion in an all-cash-and-stock deal that ranks among the year’s biggest media acquisitions.

The deal, announced Monday, values the streaming platform at $160 per share and brings together Fox’s deep bench of sports, news, and entertainment programming with Roku’s dominant connected-TV platform and ad technology. The move comes as traditional TV viewership continues its steady migration to streaming services.

Fox CEO Lachlan Murdoch called it a defining moment for the company, emphasizing the strategic value of gaining direct access to Roku’s 100 million-plus streaming households worldwide. The acquisition should bolster Fox’s digital advertising clout while weaning the company off its longtime dependence on cable and satellite distribution.

The combined entity will merge Fox’s streaming assets—including Tubi—with Roku’s hardware, smart TV software, ad platform, and The Roku Channel, potentially creating one of America’s largest television and streaming operations.

Roku has transformed itself from a hardware maker into an advertising powerhouse, banking solid revenue from subscriptions and ads across its connected-TV network. For Fox, the deal unlocks valuable first-party customer data and a booming digital ad business at a moment when media companies are laser-focused on making streaming pay.

Fox shareholders will own roughly 73% of the combined company, with Roku shareholders holding 27%. Roku founder and CEO Anthony Wood is expected to stay involved and take a board seat after the deal closes.

The agreement, announced just days after Roku reportedly began fielding sale offers, still needs regulatory sign-off. Fox anticipates closing the deal in the first half of 2027.