Fox Corp. is making its boldest move yet in streaming, agreeing to acquire Roku in a USD22 billion deal aimed at accelerating growth and strengthening its position in the rapidly evolving television market.
FOX, the media company behind leading news, sports and entertainment brands including FOX News, FOX Sports and Tubi, will acquire Roku, the connected TV platform that reaches more than 100 million global streaming households through its streaming operating system, advertising business and The Roku Channel.
The transaction values Roku at USD160.00 per share and will be completed through a combination of cash and FOX Class A common stock.
The deal brings together FOX’s premium portfolio of live sports, news and entertainment content with Roku’s large streaming audience and technology platform, creating a media and technology powerhouse with extensive reach across both traditional and streaming television.
The acquisition gives FOX a deeper foothold in the rapidly expanding connected TV market and direct access to one of the industry’s largest streaming audiences. The deal, meantime, will provide Roku the scale and content needed to strengthen engagement and unlock new growth opportunities in advertising and streaming.
FOX Executive Chair and Chief Executive Officer Lachlan K. Murdoch said the deal is a defining moment for the company since it combines some of television’s most valuable live content with the platform through which millions of consumers watch it. He added that the acquisition expands FOX’s presence in high-growth digital markets while maintaining financial discipline.
Roku Founder and Chief Executive Officer Anthony Wood said the agreement creates an opportunity to accelerate innovation and scale while delivering significant value to shareholders. He said the combination will help the company move faster in serving viewers, advertisers and content partners.
Upon closing, the combined company is expected to become the third-largest player in US television by share of viewing. FOX also expects approximately USD400 million in annual run-rate cost synergies, with additional revenue opportunities over time.
FOX shareholders are expected to own approximately 73 percent of the combined company, while Roku shareholders will own about 27 percent. The transaction is expected to close in the first half of 2027, subject to shareholder and regulatory approvals.
