Fox says it will operate Roku as a "partner-friendly" platform going forward
Fox Corp. is making a dramatic bet on its streaming future, unveiling plans to buy Roku in a deal that values the streaming platform at $22 billion.
Fox announced Monday that it has agreed to acquire Roku for $160.00 per share in a combination of cash and Fox Class A common stock, valuing Roku at approximately $22 billion in enterprise value. The companies expect the deal to close in the first half of calendar year 2027.
The deal would combines Fox’s sports, news and entertainment content and the Tubi service with Roku’s connected TV platform, the Roku Channel, first-party data and direct relationship with more than 100 million global streaming households.
The companies said they are “committed to continuing to operate Roku as an open, partner-friendly platform” and to the continued “ubiquitous” distribution of Fox content. Fox Corp. said that Anthony Wood, Roku’s founder, chairman and CEO, will have an ongoing role at the combined company and will join the Fox board following the close of the transaction.
According to the companies, on a pro-forma basis, the combined company will become the third-largest player in U.S. TV by share of viewing.
Roku, founded in 2002, was one of the earliest players in the streaming-devices space — and it has remained independent since then, battling for market share against tech giants like Amazon, Google, Samsung and Apple. The company, after years of struggling to achieve profitability, reported its first full-year profit for 2025, with net income of $88.4 million on revenue of $4.74 billion (up 15% year over year).
Lachlan Murdoch, executive chair and CEO of Fox, called it “a defining moment” for his company.
“This is a defining moment for Fox, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade,” Murdoch said in a statement. The acquisition of Roku will bring together “the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it. This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile.”
Murdoch continued, “Roku pioneered streaming TV and scaled it into a leading [connected TV] platform. Together, we intend to lead its next chapter.”
Wood said in a statement: “Over the past two decades, we’ve built Roku into the leading TV streaming platform, reaching more than 100 million households globally and reshaping how people discover and enjoy entertainment. 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.”
According to Wood, Roku’s board of directors unanimously approved the sale to Fox Corp. “after concluding its strategic review process that this transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company. I couldn’t be more excited about what we’ll accomplish together.”
Under the terms of the deal, Fox will pay $96.00/share in cash and 0.9693 shares of Fox Class A common stock for each Roku Class A and Class B share outstanding immediately prior to the effective time of the merger. Upon closing, existing Fox shareholders are expected to own approximately 73% of the combined company and legacy Roku shareholders approximately 27%.
