The proposed acquisition would unite Fox’s growing streaming ambitions with one of the most widely used connected-TV platforms in the world.
Fox Corp. is making its biggest move in streaming yet, announcing plans to acquire Roku in a deal valued at approximately $22 billion.
The deal would combine Fox’s content portfolio with Roku’s reach into more than 100 million streaming households.
Under the agreement, Fox will acquire Roku for $160 per share through a combination of cash and Fox Class A common stock. The companies expect the transaction to close during the first half of 2027, pending regulatory approval and customary closing conditions.
If completed, the acquisition would combine Fox’s sports, news, and entertainment programming with Roku’s connected-TV platform, advertising technology, and direct relationship with more than 100 million streaming households worldwide.
The companies said the combined business would become the third-largest player in U.S. television based on share of viewing.
“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,” Fox Executive Chair and CEO Lachlan Murdoch said in a statement.
Since the sale of many 21st Century Fox assets to Disney in 2019, Fox has concentrated heavily on live sports, news programming, and streaming. That strategy accelerated with the acquisition of Tubi in 2020, a service that has since grown to more than 100 million monthly users.
Murdoch described the combination as bringing together “the most valuable live content portfolio in video consumption” with one of the leading streaming platforms in the industry.
Roku enters the proposed acquisition after reporting its first full year of profitability in 2025.
The company earned $88.4 million on revenue of $4.74 billion last year. As of March 31, Roku reported $1.65 billion in cash and cash equivalents and no debt.
Roku founder, chairman, and CEO Anthony Wood is expected to remain involved following the acquisition and is slated to join Fox’s board of directors after the transaction closes.
“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,” Wood said.
Wood added that the combination would allow Roku to accelerate growth, innovation, and advertising opportunities while giving shareholders the opportunity to participate in the future of the merged company.
Under the terms of the transaction, Fox will pay approximately $14.2 billion in cash and issue 0.9693 shares of Fox Class A stock for each outstanding Roku share. Following the merger, existing Fox shareholders are expected to own roughly 73 percent of the combined company, while Roku shareholders will own approximately 27 percent.
Fox plans to finance the acquisition through a combination of existing cash reserves and new debt, including $12 billion in fully committed bridge financing from Morgan Stanley.
