Fox Agrees To Buy Roku In $22 Billion Cash-And-Stock Deal

Fox Corporation agreed to buy Roku in a cash-and-stock deal valued at approximately $22 billion, including debt, with Fox paying $96 in cash and 0.9693 shares of its Class A common stock for each Roku share outstanding.

“Fox to buy streaming pioneer Roku in a $22 billion deal Fox to buy streaming pioneer Roku in a $22 billion deal Fox Corp”

AP News

Roku will continue to be run as an open, partner-friendly platform, and the companies said there appears to be no immediate changes that customers will see.

AP News

Fox said the combined company will become the third-largest player in U.S. television by share of viewing, and the deal gives Fox access to more than 100 million global households along with the Roku channel and its first-party data.

Roku founder Anthony Wood said his motivation in pursuing the technology was his desire to record and play his favorite show, “Star Trek,” while Fox CEO Lachlan Murdoch said the combination will bring together Fox’s live news and sports content with a streaming platform with large viewership.

Ars Technica said Roku’s most valuable part is its operating system (Roku OS) and advertising business, and it reported that in the quarter ending March 31, 2026 Roku’s advertising and subscriptions business posted a gross profit of $584.1 million with advertising revenue of $371 million.

AP News reported that Mike Proulx, research director at Forrester, said advertising revenue is a critical component of the deal, adding that “The bigger play here is advertising revenue, something all the major streamers are now jockeying for.”

Ars Technica

Deadline described the deal as giving Fox a major “front door” into streaming after Roku surpassed 100 million streaming households in April, and it said the move would bring Fox access to data on its own shows and others’ titles for programming and advertising.

Deadline also quoted a source close to Roku saying, “That home screen is massively powerful,” tying the value of Roku’s interface to how advertisers buy inventory and how viewers discover content.

The deal is expected to close in the first half of next year, and it still needs approval from Fox and Roku shareholders and regulatory approval, while Fox shares tumbled 15% on Monday and Roku declined nearly 2%.

“Fox has agreed to buy the streaming pioneer Roku in a cash and stock deal valued at approximately $22 billion US, including debt”

CBC

AP News said existing Fox shareholders are expected to own approximately 73% of the combined company and Roku shareholders will own about 27% once the deal closes, and it also detailed the transaction’s valuation at $160 per Roku share.

Fox Business said the boards of directors of both companies unanimously approved the acquisition, and it described the transaction as positioning the combined company as the third-largest player in U.S. television by share of viewing.

On an investor call, Lachlan Murdoch called the acquisition a “defining moment” and said the companies intend to keep Tubi and The Roku Channel separate after the deal closes, describing them as “incredibly complementary services.”