Fox Corp. has agreed to acquire streaming platform Roku in a $22 billion cash-and-stock transaction, marking the biggest strategic move under CEO Lachlan Murdoch and accelerating the media company’s push deeper into streaming and digital advertising.
The deal values Roku at $160 per share and gives Fox access to the streaming platform’s more than 100 million users worldwide. Roku shareholders will receive $96 in cash and approximately 0.97 shares of Fox Class A stock for each Roku share they own. The transaction represents a premium of roughly 33.7% over Roku’s previous closing price before acquisition talks became public.
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The acquisition combines Fox’s portfolio of live sports, news and entertainment assets with Roku’s connected-TV operating system and advertising platform. Fox executives said the merger will strengthen the company’s ability to reach viewers directly while expanding its digital advertising capabilities at a time when traditional cable television continues to lose subscribers.
Roku has become one of the most influential gateways to streaming television, powering smart TVs and streaming devices used by millions of households. Analysts say the deal gives Fox greater control over both content and distribution, a combination that has become increasingly valuable in the streaming era.
Fox said Roku will continue operating as an open platform that carries services from a wide range of media companies. Roku co-founder and CEO Anthony Wood is expected to join the Fox board following the completion of the transaction.
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The companies expect the acquisition to close during the first half of 2027, subject to regulatory approvals and customary closing conditions. After completion, Fox shareholders are expected to own about 73% of the combined company, while Roku shareholders will hold the remaining 27%.
The deal arrives amid a broader wave of consolidation across the media industry as companies seek scale in streaming, advertising technology and direct-to-consumer distribution. For Fox, the acquisition significantly expands a streaming strategy that previously centered largely on the ad-supported service Tubi.