Fox Announces $22 Billion Agreement to Buy Roku

Fox confirmed on Monday that it has reached an agreement to acquire streaming platform Roku in a combined stock-and-cash transaction valued at approximately $22 billion. The acquisition ranks among the largest media deals in recent years and highlights the industry’s growing focus on the convergence of traditional television and streaming. According to Fox, the agreement reflects two major trends reshaping video consumption: the continued popularity of live news and sports alongside the rapid expansion of streaming services.

Following the acquisition, Fox said the combined company will become the third-largest television business in the United States based on audience reach. The transaction brings together Fox’s portfolio of news and sports networks, along with its free ad-supported streaming platform Tubi, and Roku’s connected TV ecosystem—the operating system powering millions of smart TVs and streaming devices already used in households across the country.

Fox believes the combined business will establish a stronger presence across both conventional television broadcasting and digital streaming, a combination increasingly viewed as essential as audiences continue dividing their viewing habits between live programming and on-demand content.

The acquisition also gives Fox direct access to Roku’s base of approximately 100 million households. The company said that Reach will strengthen its advertising capabilities by enabling more targeted campaigns while reducing reliance on traditional distribution channels. Fox also expects the transaction to significantly expand its position within the rapidly growing connected TV advertising and subscription market, commonly referred to across the media industry as CTV.

Fox chief executive Lachlan Murdoch described the acquisition as a defining milestone for the company.

“This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile,” Lachlan said in a company press release. “Roku pioneered streaming TV and scaled it into a leading CTV platform. Together, we intend to lead its next chapter.”

The announcement represents another major step in the ongoing consolidation of the media industry as traditional broadcasters continue expanding their streaming businesses to compete more effectively in the evolving television market. Fox purchased Tubi in 2020 for $440 million during the height of competition among streaming platforms. More recently, the company introduced Fox One, its own direct-to-consumer streaming service.

“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,” said Roku founder and chief executive Anthony Wood. “I couldn’t be more excited about what we’ll accomplish together.”

The boards of directors of both Fox and Roku have approved the transaction, and the companies expect the acquisition to be completed during the first half of 2027. Fox also confirmed that it has secured a $12 billion loan to help finance the purchase.