Fox Corporation has agreed to acquire streaming platform Roku in a cash-and-stock transaction valued at approximately $22 billion, combining one of the largest U.S. broadcasters with a dominant connected-TV platform in a bid to reshape the global streaming and advertising landscape.
The deal values Roku at $160 per share and brings together Fox’s portfolio of live sports, news, and entertainment — including its Tubi streaming service — with Roku’s operating system, device ecosystem, and The Roku Channel, which together reach more than 100 million streaming households globally.
The combined company is expected to become one of the largest players in U.S. television by viewing share, spanning broadcast, cable, and streaming. Fox said the acquisition strengthens its position in connected TV advertising while accelerating its shift toward digital distribution and subscription-based growth.
Lachlan Murdoch, Executive Chair and CEO of Fox Corporation, described the deal as a “defining moment” in Fox’s strategy to anchor its business around live content and streaming distribution. He said Roku’s platform provides direct access to consumers at scale, complementing Fox’s leadership in live news and sports.
Roku founder and CEO Anthony Wood said the transaction would accelerate Roku’s growth and expand its ability to innovate across the streaming ecosystem, calling Fox “an ideal partner” to scale its platform globally.
Under the terms of the agreement, Roku shareholders will receive $96 in cash and 0.9693 Fox Class A shares for each Roku share. Fox shareholders are expected to own about 73% of the combined company, with Roku investors holding the remainder.
Fox said it expects the deal to be accretive to free cash flow per share within two years of closing and anticipates approximately $400 million in annual cost synergies. The company plans to finance the cash portion through a mix of debt and existing cash reserves, supported by $12 billion in committed bridge financing.
Roku will continue to operate as an open platform post-acquisition, while Fox content will maintain broad distribution across streaming and traditional TV networks. Anthony Wood is expected to join the Fox board following completion of the deal.
The transaction, which has been unanimously approved by both boards, remains subject to regulatory approvals and shareholder consent and is expected to close in the first half of 2027.