Fox to Buy Roku in $22 Billion Deal for Streaming Device and Technology Company

Fox has agreed to buy Roku in a cash-and-stock deal valued at about $22 billion, putting one of the biggest connected-TV platforms at the center of Fox’s largest streaming bet yet.

The companies said the offer values Roku at $160 per share. Under the agreement, Fox will pay $96 in cash and 0.9693 shares of Fox Class A common stock for each Roku share.

Fox and Roku said the combined company would become the third-largest player in U.S. television by share of viewing. They said the transaction is designed to pair Fox’s live news, sports and entertainment with Roku’s streaming devices, smart TV software and The Roku Channel.

The deal comes as media companies continue to chase scale in ad-supported streaming and connected TV. Fox has built a streaming foothold around Tubi, while Roku has become a major gateway for households that watch television through internet-connected devices.

Roku said it reaches more than 100 million global households, a scale that gives the combined company a much larger distribution layer for programming and advertising.

Deal terms and structure

Fox shareholders are expected to own about 73% of the combined company, while Roku shareholders would own about 27%. That ownership split reflects Fox’s role as the acquirer and the mix of cash and stock in the transaction.

Roku founder and chief executive Anthony Wood is expected to continue in a role at the company and join Fox’s board after the deal closes. The companies said that structure is meant to preserve Roku’s product and platform expertise while tying it more closely to Fox’s broader media business.

Fox said the transaction is expected to close in the first half of 2027. But the deal is still subject to approval from Fox and Roku shareholders, as well as regulatory review.

How the deal came together

The first major public report on the acquisition came earlier Monday, when The Verge reported that Fox was buying Roku and said the combined company would be the third-largest U.S. television player by viewing share.

Axios later reported that Fox had reached a definitive agreement to acquire Roku for about $22 billion. AP and Investopedia then published follow-up reports that corroborated the same core terms, including the $160 per-share valuation and the expected 2027 closing window.

That sequence shows the announcement was quickly confirmed across multiple major outlets, but it also underscores that the transaction is still at the announcement stage rather than a completed merger.

Leadership reaction

Fox chief executive Lachlan Murdoch called the deal a defining moment and said it extends the company’s long-running strategy.

Wood said Roku would remain an open, partner-friendly platform and described the combination as an opportunity to scale faster and innovate more aggressively.

Those comments point to one of the central questions around the acquisition: whether Fox can use Roku’s distribution power for its own streaming and advertising ambitions without weakening the openness that has made Roku attractive to consumers and partners.

Why it matters

The deal could reshape the competitive landscape in ad-supported streaming and connected TV if it clears the remaining approvals.

Fox would bring live news, sports and entertainment into a business that already has a large distribution footprint. Roku would add the software, devices and viewing interface that sit in front of millions of households and help shape what viewers watch.

For advertisers, the combination could create a stronger package across content and distribution. For Fox, it would deepen its exposure to the connected-TV market, where programming, ad inventory and platform control are increasingly intertwined.

The acquisition also fits a broader consolidation trend in streaming and digital video, as companies seek more control over the path from content creation to audience reach and monetization.

What happens next

The most immediate hurdles are shareholder votes and regulatory review.

Those processes could surface concerns about competition, media concentration, financing or integration risk. The expected first-half-2027 closing window gives regulators and investors a long runway to scrutinize the deal.

Markets will also watch for more detail on synergies, debt financing and integration costs as Fox and Roku file additional materials or discuss the transaction further.

For now, the deal marks a clear strategic move by Fox: not just to make more content, but to own more of the platform layer that determines how streaming reaches households.