FOX has agreed to acquire Roku in a $22 billion cash-and-stock transaction, with the deal valuing Roku at $160 per share. The acquisition gives FOX control of Roku’s platform technology, advertising network, and direct ties to more than 100 million streaming households.
The combination links FOX’s media assets with one of the largest connected TV platforms in the market. For FOX, that means a larger position in streaming distribution and digital advertising. For Roku, it brings the backing of a media company with major sports rights, a leading news business, and an expanding streaming operation.
Platform reach and content assets move under one roof
FOX’s portfolio, including FOX News, Tubi, and its live sports programming, will be paired with Roku’s streaming ecosystem. The deal is aimed at expanding FOX beyond traditional broadcasting and giving it deeper exposure to connected television, where viewers continue to spend more time.
Both companies said Roku will remain an open platform for content providers after the transaction closes. FOX programming is also expected to stay broadly available across services and devices. That keeps existing distribution channels in place while FOX adds ownership of a major platform layer.
Roku’s technology is also part of the appeal. Its audience insights and content discovery tools can be used to improve recommendations and ad performance, areas that matter as advertisers keep shifting larger budgets toward connected TV.
$400 million in expected savings before planned 2027 close
The companies said the merger is expected to produce about $400 million in annual cost synergies. Those savings are expected to support the combined company’s finances and future investment in streaming technology and advertising products. The companies also said a larger business could open more revenue opportunities as ad spending continues moving toward connected TV platforms.
Under the proposed ownership structure, FOX shareholders will own about 73% of the combined company, while Roku shareholders will hold the remaining 27%. The transaction still requires regulatory approval and shareholder approval.
FOX and Roku expect the deal to close in the first half of 2027. Once completed, the merged company is projected to become the third-largest television company in the United States by viewing share. FOX Chief Executive Lachlan Murdoch said the acquisition supports the company’s shift toward higher-growth digital businesses, while Roku Chief Executive Anthony Wood said the merger should help both sides scale operations, speed up innovation, and create more value for viewers and advertisers.