Fox has agreed to buy Roku in a $22 billion deal that would give the U.S. media group a much larger role in the fast-growing streaming market and strengthen its access to viewers who are moving away from traditional television.
The cash-and-stock offer values Roku at $160 a share and would bring together Fox’s live news and sports programming with one of the most widely used connected-TV platforms in the United States. The companies said the combined business would become the third-largest player in U.S. television by share of viewing.
For Fox, the acquisition is a major step beyond owning and producing content. Roku’s operating system sits at the centre of many smart TVs and streaming devices, helping households reach services such as Netflix, Amazon Prime Video, Disney+, YouTube, and other entertainment apps. That position gives Roku influence over how viewers discover programmes, channels, and advertising-supported services.
“This is a defining moment for Fox, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade,” said Fox chief executive Lachlan Murdoch.
“Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it.”
Roku has more than 100 million streaming households worldwide and remains one of the leading platforms in the U.S. connected-TV market. It also runs the Roku Channel, a free streaming service offering films, television shows, live news, and original programmes, including The Reunion: Laguna Beach and Honest Renovations.
The takeover is expected to bring the Roku Channel closer to Tubi, the free ad-supported streaming service Fox bought in 2020. Together, the two platforms could give Fox greater scale in a market where advertisers are increasingly shifting budgets from cable and broadcast television to streaming video.
The deal still requires shareholder and regulatory approval, with completion expected in the first half of 2027. Roku founder and chief executive Anthony Wood is expected to join Fox’s board once the transaction closes.
Fox is betting that live sport and news will remain valuable even as audiences choose more flexible ways to watch television.