Deal Creates a Media Powerhouse Combining Premium Content, Advertising Reach, and Streaming Technology
Fox Corp. (FOX) is making its boldest move yet in the streaming era, agreeing to acquire Roku (ROKU) in a cash-and-stock transaction valued at approximately $22 billion, including debt. The deal marks a significant shift in the media landscape as traditional broadcasters continue to seek scale and direct access to digital audiences.
The acquisition will provide Fox with immediate access to Roku’s more than 100 million global households, its growing advertising platform, and valuable first-party consumer data. Roku, long considered a pioneer in connected television, has become one of the most influential gateways for streaming content worldwide.
Fox CEO Lachlan Murdoch described the transaction as a strategic combination of Fox’s premium live news, sports, and entertainment programming with Roku’s extensive streaming ecosystem. The company also expects to strengthen its position in digital advertising and subscription-based streaming, complementing its existing assets, including Tubi.
Under the agreement, Roku will continue operating as an open, partner-friendly platform, minimizing disruption for consumers and content providers. Roku founder and CEO Anthony Wood will remain involved with the business and join Fox’s board of directors following the completion of the transaction.
Fox will pay $96 in cash plus 0.9693 shares of Fox Class A stock for each Roku share, valuing Roku at $160 per share. Upon closing, existing Fox shareholders will own approximately 73% of the combined company, while Roku shareholders will hold the remaining 27%.
Subject to shareholder and regulatory approvals, the deal is expected to close in the first half of next year. If completed, the combined company is projected to become the third-largest player in U.S. television by share of viewing, significantly strengthening Fox’s competitive position in the rapidly evolving streaming market.
