Fox Corporation has reached an agreement to acquire Roku in a transaction valued at approximately $22 billion. According to The Hollywood Reporter, the deal will combine Fox’s portfolio of sports, news, and entertainment programming, along with its streaming service Tubi, with Roku’s connected television platform and streaming ecosystem.
Under the agreement, Fox will acquire Roku for $160 per share through a combination of cash and Fox Class A common stock. This transaction is expected to give Fox shareholders a 73% ownership stake in the combined company. Roku shareholders will keep the remaining 27% of the company.
Fox Executive Chair and CEO Lachlan Murdoch described the acquisition as a “defining moment” for the company, highlighting the opportunity to combine Fox’s content offerings with Roku’s extensive streaming reach. Roku currently maintains a direct relationship with more than 100 million streaming households worldwide through its connected TV platform and The Roku Channel.
The companies stated that the merger will create one of the largest television and streaming businesses in the United States, combining Fox’s content portfolio with Roku’s distribution platform. The combined company is expected to become the third-largest player in U.S. television by share of viewing.
Roku founder, chairman, and CEO Anthony Wood also praised the agreement, stating that the transaction will accelerate Roku’s long-term strategy while allowing the platform to continue shaping the future of television. Both Murdoch and Wood emphasized that Roku will remain an open platform that continues to support third-party streaming services. Third-party streaming services will include competitors such as Netflix and Prime Video.
Fox expects the acquisition to strengthen its position within the streaming marketplace while expanding distribution opportunities for both Fox programming and Tubi. The company also believes Roku’s technology and user base will help accelerate its international growth strategy and enhance advertising opportunities across its platforms.
To finance the acquisition, Fox will take on approximately $8 billion in new debt. The companies estimate the merger will generate roughly $400 million in cost synergies following completion of the transaction.
The acquisition is expected to close during the first half of 2027, pending regulatory approval and customary closing conditions.