Fox To Acquire Roku In $22 Billion Streaming Deal

Fox Corp agrees to buy Roku for $22 billion, aiming to merge content, data and streaming platform power.

Fox Corporation has announced a landmark agreement to acquire streaming platform Roku in a deal valued at about $22 billion, marking a major push into the connected-TV and digital streaming market.

Under the terms of the agreement, Fox will pay $160 per share in a mix of cash and Fox Class A stock. The transaction is expected to close in the first half of 2027, subject to regulatory approvals and standard closing conditions.

The combined company would bring together Fox’s broadcast and streaming assets — including news, sports, and entertainment content, as well as its Tubi platform — with Roku’s dominant connected-TV operating system and advertising infrastructure.

Fox said the merger would integrate its live programming and sports portfolio with Roku’s reach across more than 100 million streaming households globally, strengthening its position in the rapidly evolving TV ecosystem.

Lachlan Murdoch, executive chair and CEO of Fox, described the deal as “a defining moment,” saying it reflects the company’s long-term strategy of focusing on live content and streaming distribution after the 2019 sale of most 21st Century Fox assets to Disney.

He added that Roku would help expand Fox’s ambitions in high-growth digital advertising and connected television, calling it a “natural extension” of its streaming strategy.

Anthony Wood, who founded Roku in 2002, will remain involved after the acquisition and is expected to join Fox’s board once the deal closes. He said the partnership would accelerate innovation and expand Roku’s reach in the global streaming market.

Roku, which has long competed with tech giants like Amazon, Google, and Apple in the streaming-device and smart-TV operating system space, recently reported improved financial performance, including its first full-year profit in 2025.

Fox said it plans to fund the cash portion of the acquisition through a combination of new debt and existing cash reserves, supported by committed bridge financing. The company also expects significant cost synergies of around $400 million annually once integration is complete.

If completed, the merger would position the combined company as a major force in US television viewing share, reshaping competition in the streaming and advertising-driven TV market.