Fox Corp. has reached an agreement to acquire the streaming pioneer Roku in a cash-and-stock deal valued at approximately $22 billion, including debt, the companies said on Monday.
Roku will continue to be run as an open, partner-friendly platform, the companies said, and there appears to be no immediate changes that customers will see.
Fox and Roku said that the combined company will become the third-largest player in U.S. television by share of viewing.
Media reports had surfaced on Friday that Roku was looking at its strategic options, including a possible sale.
Speculation was rampant as to which companies might be interested in an acquisition. Aside from Fox, names being tossed about as potential buyers included Netflix, Amazon, Comcast and Disney.
