Fox Corp. is making a major push into streaming with a $22 billion deal to acquire Roku, a move that signals a sharp shift in how the company plans to compete in a fast-changing TV market.
According to Variety, Fox has agreed to purchase Roku for $160 per share in a mix of cash and stock. The deal values Roku at about $22 billion and is expected to close in the first half of 2027.
The acquisition would merge Fox’s core assets, including Fox News, Fox Sports, and its broadcast network, with Roku’s streaming platform and user base of more than 100 million households worldwide. It also brings together Fox’s ad-supported service Tubi with Roku’s connected TV ecosystem and data infrastructure.
Fox said Roku will continue to operate as an open platform, a key point as competition grows between major tech and media companies. Roku founder and CEO Anthony Wood is expected to stay involved and join Fox’s board after the deal closes.
Executives say the combined company would rank as the third largest player in U.S. television by viewing share. That position would place Fox in closer competition with dominant streaming and tech firms that have steadily gained control over how audiences watch content.
Roku has spent years fighting for market share against companies like Amazon, Apple, Google, and Samsung. After struggling to turn a profit, the company reported its first full-year net income in 2025, earning $88.4 million on $4.74 billion in revenue, a 15 percent increase from the previous year. Roku also reported $1.65 billion in cash with no debt as of March.
Fox CEO Lachlan Murdoch called the deal a defining step for the company as it continues to rebuild after selling most of 21st Century Fox to Disney in 2019. That sale left Fox focused on live news and sports, areas that still draw large audiences in real time.
“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,” Murdoch said. He added that combining Fox’s content with Roku’s platform would expand the company into higher growth areas and improve its long-term outlook.
Murdoch also pointed to Roku’s reach as a key advantage. With more than 100 million households using the platform, Fox gains a direct pipeline to viewers and advertisers at a time when traditional cable continues to decline.
Anthony Wood said the deal opens the door for faster growth and more innovation. He noted that Roku’s board unanimously approved the transaction after a strategic review, citing both the premium offered to shareholders and the long-term upside of the combined company.
Under the terms of the agreement, Fox will pay $96 per share in cash, totaling about $14.2 billion, and offer stock for the remaining value. After the deal closes, Fox shareholders will own about 73 percent of the combined company, while Roku shareholders will hold about 27 percent.
Fox plans to fund the cash portion through a mix of existing funds and new debt, including $12 billion in committed financing from Morgan Stanley. The company expects the deal to improve free cash flow per share by 2029 and generate about $400 million in annual cost savings, along with additional revenue opportunities.
The move reflects a broader shift in the media industry, where control over distribution platforms has become just as important as the content itself. With this acquisition, Fox is betting that owning both will secure its place in a streaming-first future.
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English (US) · 