Fox Corporation has agreed to acquire streaming platform Roku in a cash-and-stock transaction valued at approximately $22 billion, marking one of the biggest media deals in recent years as traditional broadcasters race to strengthen their digital presence.
According to media reports, the acquisition will give Fox access to Roku’s base of more than 100 million streaming households, significantly expanding the reach of its sports, news and entertainment offerings while enhancing its advertising capabilities through Roku’s data and distribution infrastructure.
The deal values Roku at around $160 per share, comprising $96 in cash and 0.97 Fox shares for each Roku share, representing a premium over Roku’s previous closing price. Once the transaction closes, Fox shareholders are expected to own roughly 73% of the combined company, while Roku shareholders will hold the remaining stake.
The acquisition also brings together Roku’s streaming platform and operating system with Fox’s growing direct-to-consumer portfolio, which includes free ad-supported streamer Tubi and subscription offering Fox One. Analysts view the move as Fox’s bid to gain greater control over content discovery, audience data and monetisation as viewers increasingly shift away from traditional cable television.
As part of the agreement, Roku co-founder and CEO Anthony Wood is expected to join Fox’s board. The transaction, subject to regulatory and shareholder approvals, is anticipated to close in early 2027.
