FOX acquires Roku in US$22 billion deal to expand streaming reach

FOX Corporation is set to acquire Roku in a deal valued at approximately US$22 billion, bringing together one of the world's largest live content providers with a major connected TV (CTV) platform as traditional broadcasters continue to deepen their push into streaming.

The acquisition combines FOX's portfolio of sports, news and entertainment assets, including Tubi, with Roku's connected TV platform, The Roku Channel, first-party data capabilities and direct relationship with more than 100 million streaming households globally.

According to the companies, the combined business will become the third-largest player in US television by share of viewing on a pro forma basis, spanning broadcast, cable, local television and streaming platforms.

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The move comes as media companies increasingly seek scale across both content and distribution, amid growing competition for audiences and advertising dollars in the streaming era.

FOX said the transaction will strengthen its position across the full video ecosystem, while providing greater exposure to high-growth segments such as connected TV advertising and streaming subscriptions.

The company added that combining its content portfolio with Roku's platform technology, user interface and consumer relationships will create new opportunities to improve content discovery, deepen viewer engagement and expand advertising capabilities.

FOX also expects the acquisition to advance its digital strategy and strengthen its long-term growth profile. The company projects approximately US$400 million in annual run-rate cost synergies, alongside additional revenue opportunities.

As part of the transaction, Roku founder, chairman and CEO Anthony Wood will take on an ongoing role within the combined company and join FOX's board of directors following the close of the deal.

The acquisition has been unanimously approved by the boards of both companies and remains subject to shareholder and regulatory approvals, as well as other customary closing conditions. The transaction is expected to close in the first half of 2027.

Speaking on the acquisition, Lachlan K. Murdoch, executive chair and CEO of Fox Corporation, described the deal as a "defining moment" for FOX and "a natural extension of the deliberate and focused strategy" the company has pursued over the past decade.

Murdoch said the combination brings together "the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it", adding that the transaction would expand FOX's presence in high-growth segments and deliver "a step change" in its overall growth profile.

"Roku pioneered streaming TV and scaled it into a leading CTV platform. Together, we intend to lead its next chapter," he added. 

Meanwhile, Anthony Wood, founder, chairman and CEO of Roku, said the transaction presents "an extraordinary opportunity" to accelerate Roku's vision, scale faster and innovate more aggressively for viewers, partners and advertisers.

Wood added that Roku's board unanimously determined the deal offered a significant premium for shareholders while also giving them "the opportunity to participate in the compelling future upside of the combined company", adding that he was excited about what the two companies could accomplish together.

The FOX-Roku deal comes amid continued consolidation across the media and streaming landscape, as companies look to strengthen their positions in an increasingly competitive market. Earlier this year, Netflix officially withdrew from the race to acquire Warner Bros., opting not to match a higher bid from Paramount Skydance.

In a statement at the time, Netflix co-CEOs Ted Sarandos and Greg Peters said the proposed transaction would have created shareholder value and offered a clear path to regulatory approval, but added that matching the rival bid was "no longer financially attractive".

The streaming giant also reaffirmed plans to invest approximately US$20 billion in films and series this year while resuming its share repurchase programme, signalling its preference to focus on organic growth rather than pursue a large-scale acquisition.

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