Fox Corporation has announced it will acquire Roku in a deal valuing the US-based smart TV and streaming company at $22 billion. The definitive agreement sees Fox pay $160 per share in a combination of cash and Fox Class A common stock.
The transaction combines Fox’s sports, news and entertainment content, as well as the Tubi streaming service, with Roku’s CTV platform and device business. Roku announced it surpassed 100 million streaming households worldwide in April 2026.
The companies said the combined entity will become the third-largest player in US TV by share of viewing, on a pro forma basis, creating “broad and diversified reach that benefits viewers, partners and advertisers.”
“Over the past two decades, we’ve built Roku into the leading TV streaming platform, reaching more than 100 million households globally and reshaping how people discover and enjoy entertainment,” said Anthony Wood, Founder, Chairman and CEO of Roku. “I’m incredibly proud of what our team has built, and the combination with FOX is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers.”
“That’s why our Board of Directors unanimously determined after concluding its strategic review process that this transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company. I couldn’t be more excited about what we’ll accomplish together.”
Joining ads with platform technology
The deal is expected to help Fox navigate the transition to streaming, easing its reliance on broadcast TV viewing and associated ad revenues in the cord-cutting era. Fox remains a major player in the TV advertising world but its digital and streaming assets remain relatively thin on the ground. The transaction gives the corporation a major streaming platform in the form of the Roku Channel, joining its free ad-supported streaming service Tubi, which turned profitable last year.
The acquisition also combines the two companies’ ads businesses as digital revenues gain importance for broadcasters. Roku’s ad revenues have seen strong growth as the business offsets declining TV hardware sales. By combining Fox’s own content and advertising capabilities with Roku’s home screen, platform technology and direct viewer relationships, the media giant aims to boost content discovery and deepen engagement across CTV environments.
“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,” said Lachlan K. Murdoch, Executive Chair and CEO of Fox Corporation. “In 2019, we reoriented the company around live news and sports. In 2020, we acquired Tubi and under our stewardship it has become one of the most successful businesses in streaming. Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it. This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile.
“And we are executing this acquisition from a position of financial strength – maintaining our investment grade balance sheet while providing our shareholders with an uninterrupted return of capital program in the form of share buybacks and dividends. Roku pioneered streaming TV and scaled it into a leading CTV platform. Together, we intend to lead its next chapter.”
The transaction is expected to close in the first half of 2027, subject to customary closing conditions, including approvals by Fox and Roku shareholders. The companies added that Anthony Wood will have an ongoing role at the combined business and will join the Fox Board of Directors following the close of the transaction.
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