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Fox to acquire Roku in $22B deal
Fox confirmed Monday that it is acquiring streaming company Roku in a stock and cash deal valued at around $22 billion, one of the largest media acquisitions in years. The deal reflects two forces reshaping how people watch video: the enduring pull of live sports and news, and the relentless growth of streaming. The combined company will become the third-largest television business in the United States by viewership, according to Fox. The merger brings together Fox’s news and sports channels and its free ad-supported streaming service Tubi, with Roku’s connected TV platform—software that powers smart TVs and streaming devices. Fox says the combined entity will have reach across both traditional TV and streaming, a combination increasingly seen as essential as audiences split time between live broadcasts and on-demand platforms. The acquisition gives Fox direct access to Roku’s audience of 100 million households, enabling more effective ad targeting and reducing reliance on traditional delivery. Fox also gains a stronger foothold in connected TV (CTV), the fast-growing market for streaming ads and subscriptions. Fox CEO Lachlan Murdoch called the deal a “defining” moment, stating, “This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile. Roku pioneered streaming TV… Together, we intend to lead its next chapter.” The move continues media consolidation as traditional broadcasters race to build scale in streaming. Fox acquired Tubi for $440 million in 2020 and launched its direct-to-consumer service Fox One last year. Roku founder and CEO Anthony Wood said, “The combination with Fox is an extraordinary opportunity to accelerate our vision, scale faster, and innovate more aggressively.” The deal has been approved by both companies’ boards and is expected to close in the first half of 2027. Fox obtained a $12 billion loan for the acquisition.