Fox Corp. has agreed to acquire streaming platform Roku in a deal valued at approximately $22 billion, a transaction that would significantly expand the media company's reach in streaming, connected television advertising, and digital distribution as traditional television audiences continue migrating online.
The agreement, announced Monday, combines Fox's portfolio of live sports, news, and entertainment assets with Roku's streaming operating system, device business, and advertising platform. The deal represents Fox's largest acquisition since Lachlan Murdoch assumed greater control of the company following the Murdoch family settlement and marks one of the most significant media transactions of 2026.
Under the terms of the agreement, Roku shareholders will receive $160 per share through a combination of cash and stock. The package includes $96 in cash and 0.9693 shares of Fox Class A common stock for each Roku share.
Key transaction details include:
- Total deal value: approximately $22 billion
- Consideration per Roku share: $160
- Cash component: $96 per share
- Stock component: 0.9693 Fox Class A shares
- Expected closing: first half of 2027
- Targeted annual cost synergies: approximately $400 million
Following completion of the transaction, existing Fox shareholders are expected to own roughly 73% of the combined company, while Roku investors will hold the remaining 27%.
Fox Chief Executive Officer Lachlan Murdoch described the acquisition as a "defining moment" for the company as it seeks to strengthen its position in a rapidly evolving media environment where streaming platforms have become increasingly important gateways to consumers.
The transaction would give Fox direct access to Roku's global footprint of more than 100 million streaming households. Roku has built one of the world's largest connected-TV ecosystems through its streaming devices, smart television operating system, and advertising technology platform, according to company disclosures cited by The Verge.
The acquisition also brings together two major free ad-supported streaming businesses. Fox's Tubi service would join Roku's free streaming offering, The Roku Channel, creating one of the largest free ad-supported television platforms in the United States. Industry analysts view advertising-supported streaming as one of the fastest-growing segments of the media business as consumers seek lower-cost alternatives to subscription services.
Roku Chief Executive Officer Anthony Wood said the company would continue operating as an open platform serving multiple content providers. Wood is expected to join Fox's board after the transaction closes, helping oversee integration efforts and future streaming initiatives.
The agreement arrives during a broader wave of consolidation across the media industry. Traditional television companies have increasingly sought scale to compete against technology giants and streaming rivals while strengthening their advertising capabilities. Connected-TV advertising has become a particularly attractive market as marketers shift budgets away from traditional broadcast and cable channels.
For Fox, the acquisition accelerates a strategic shift that began after the company's entertainment assets were sold to Disney in a transaction worth roughly $71 billion in 2019. Since then, Fox has concentrated on live programming, including sports and news, while expanding its streaming presence through Tubi and the recently launched direct-to-consumer service Fox One.
The company is currently benefiting from major live sports programming, including coverage of FIFA World Cup matches, a category that remains especially valuable to advertisers because it continues to attract large real-time audiences.
Fox said it intends to finance the cash portion of the acquisition using a combination of existing cash reserves and new borrowing. The company has secured approximately $12 billion in committed bridge financing to support the transaction.
