June 15 (UPI) -- Fox announced Monday an agreement to buy Roku -- a producer of streaming devices and services -- for $22 billion.
The two companies entered a definitive agreement in which Fox will acquire Roku for $160 per share in a combination of cash ($96 per share) and Fox stock (0.97 shares per Roku share).
Lachlan K. Murdoch, executive chair and CEO of Fox, described the acquisition as a "natural extension" of the company's overall strategy for nearly a decade.
"Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it," he said. "This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile."
Anthony Wood, founder, chairman and CEO of Roku, said the company's board of directors unanimously voted in favor of the acquisition. Wood will maintain a role in the newly combined companies and will join the Fox board of directors.
