Fox Corporation is buying Roku for $22 billion, combining a legacy media empire with one of the most widely installed connected TV platforms in the country.
The transaction values Roku at roughly $160 per share, split between $96 in cash and 0.9693 shares of Fox’s Class A common stock. Both boards approved the deal unanimously. Closing is expected sometime in 2027, assuming regulators and shareholders sign off.
What Fox is actually buying
Roku operates a full connected TV operating system, runs an ad-supported streaming channel, and sits in more than 100 million streaming households.
Fox already owns Tubi, the free ad-supported streaming service it picked up in 2020 as part of an earlier digital pivot. It also runs Fox One. Owning the operating system those platforms run on is something else entirely from owning content platforms.
