Fox Corporation has agreed to acquire streaming company Roku in a cash-and-stock transaction valued at about $22 billion. The deal combines Fox’s news, sports, and streaming operations with Roku’s connected television platform and is expected to create the third-largest television company in the United States by viewership.
Fox said the acquisition reflects continued demand for live sports and news alongside the growth of streaming. The combined company will reach viewers across traditional television, live broadcasts, connected devices, and on-demand platforms.
Fox Expands Its Connected TV Reach
The transaction brings together Fox’s television channels, its free ad-supported streaming service Tubi, and Roku’s connected TV software. Roku’s platform powers smart televisions and streaming devices used across more than 100 million households.
Fox expects Roku’s audience and advertising technology to support more precise ad targeting and reduce its reliance on traditional television distribution. The acquisition will also give Fox a larger position in connected television, commonly known as CTV, which covers advertising and subscription services delivered through internet-connected televisions.
Fox CEO Lachlan Murdoch described the acquisition as a defining moment for the company in the official announcement.
“This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile,” Murdoch said. “Roku pioneered streaming TV and scaled it into a leading CTV platform. Together, we intend to lead its next chapter.”
Deal Builds on Fox’s Streaming Investments
Fox acquired Tubi for $440 million in 2020 as competition increased across streaming services. The company also launched Fox One, its direct-to-consumer streaming service, in 2025.
Roku founder and CEO Anthony Wood said the transaction would allow Roku to expand faster and develop its services for viewers, partners, and advertisers.
“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,” Wood said. “I couldn’t be more excited about what we’ll accomplish together.”
Transaction Expected to Close in 2027
The boards of directors of Fox and Roku have approved the agreement. The companies expect the acquisition to close in the first half of 2027, subject to regulatory approval and other closing conditions.
Fox said it had obtained a $12 billion loan to support the acquisition.
Featured image credits: Wikimedia Commons
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