Fox to acquire Roku for $22 billion, gaining access to more than 100 million streaming households

Fox Corporation has agreed to acquire Roku in a cash-and-stock transaction valued at approximately $22 billion, marking one of the largest media and streaming deals of the year and significantly expanding Fox’s presence in connected TV and streaming distribution.

Under the terms of the agreement, Roku shareholders will receive $96 in cash and 0.9693 shares of Fox Class A stock for each Roku share, valuing Roku at $160 per share. The transaction represents a premium over Roku’s previous closing price and has been unanimously approved by the boards of both companies.

The acquisition brings together Fox’s portfolio of live sports, news, and entertainment properties—including its streaming service Tubi—with Roku’s connected TV platform, operating system, advertising technology, and audience reach of more than 100 million streaming households worldwide.

The deal reflects the continued shift of media companies toward owning both content and distribution channels as viewers increasingly consume television through streaming platforms rather than traditional cable services. Roku has become one of the largest gateways to streaming content in the U.S., with its software powering millions of smart TVs and streaming devices.

Following the transaction, existing Fox shareholders are expected to own approximately 73% of the combined company, while Roku shareholders will hold the remaining 27%. Fox said it expects the merger to generate approximately $400 million in annual run-rate cost synergies, alongside additional revenue opportunities from advertising, subscriptions, and platform monetization.

The acquisition is also expected to strengthen Fox’s position in the connected TV advertising market. Roku’s platform provides direct relationships with streaming viewers, first-party data capabilities, and a significant advertising footprint, assets that have become increasingly valuable as marketers shift budgets toward digital video and connected TV channels.

Fox stated that Roku will continue operating as an open platform that supports third-party streaming services and content partners. The company also said Fox content will remain broadly distributed across competing platforms, addressing concerns that ownership changes could alter Roku’s role as a neutral distribution platform.

Anthony Wood, Roku’s founder and CEO, is expected to remain involved with the combined company and will join Fox’s board of directors following the completion of the transaction. Fox plans to finance the cash portion of the acquisition through a combination of existing cash reserves and new debt, including $12 billion in committed bridge financing.

The deal is expected to close during the first half of 2027, subject to regulatory approvals and customary closing conditions. If completed, the combined company is projected to become the third-largest player in U.S. television by share of viewing, spanning broadcast, cable, local television, streaming services, and connected TV platforms.

The transaction underscores how media companies are increasingly seeking greater control over distribution, advertising technology, and audience data as competition intensifies across the streaming landscape. With the addition of Roku, Fox would gain a direct pathway to millions of streaming households while expanding beyond its traditional strengths in live news and sports programming.