Fox Corporation has agreed to acquire streaming platform Roku in a $22 billion cash-and-stock transaction, marking one of the largest media deals in recent years and signaling a major strategic push into the rapidly growing connected television market, as reported by AP News and Reuters. The acquisition combines Fox’s portfolio of live sports, news, and entertainment assets with Roku’s streaming platform, which reaches more than 100 million households globally, creating a media and technology powerhouse positioned to compete more aggressively in the evolving digital video landscape.
Under the terms of the agreement, Roku shareholders will receive $96 in cash and 0.9693 shares of Fox Class A stock for each Roku share, valuing the company at $160 per share and representing a substantial premium to its pre-deal market price. According to Fox, existing shareholders will own approximately 73% of the combined company, while Roku shareholders will hold the remaining 27%. The transaction, unanimously approved by the boards of both companies, is expected to close in the first half of 2027, subject to regulatory and shareholder approvals.
The deal gives Fox ownership of Roku’s leading connected-TV platform, advertising technology, first-party consumer data, and The Roku Channel, while complementing its existing streaming business, Tubi. Fox Chief Executive Lachlan Murdoch described the acquisition as a “defining moment” for the company’s digital strategy, noting that the combination brings together premium live content and one of the world’s most influential streaming distribution platforms. Industry analysts say the transaction reflects a broader shift in the media industry, where controlling distribution channels is becoming as important as owning content.
For investors and the wider media sector, the acquisition highlights the accelerating convergence of content, advertising, and streaming technology. Analysts estimate the combined company will become the third-largest television player in the United States by viewing share, spanning broadcast, cable, local television, and streaming services. As traditional television audiences continue migrating online, the Fox-Roku combination is expected to strengthen the company’s advertising capabilities, expand direct consumer relationships, and position it for long-term growth in the increasingly competitive streaming economy.
