Fox Corporation just agreed to buy Roku for roughly $22 billion in enterprise value, sending Roku shares to their highest level in four years. The deal, announced on June 15, values each Roku share at $160, a price that combines $96 in cash with approximately 0.97 shares of Fox Class A stock.
The transaction is expected to close in the first half of 2027, pending both regulatory and shareholder approval.
What Fox is actually buying
Fox is acquiring a connected TV platform that reaches over 100 million streaming households. Roku’s software powers smart TVs and streaming devices across the US, controlling what users see when they turn on their TV, which apps get promoted, and which ads get served.
Fox already operates Tubi, its ad-supported streaming service. Bolting Roku’s advertising technology and massive household footprint onto Fox’s existing portfolio of live sports, news broadcasting, and Tubi creates a vertically integrated media company that owns the content, the distribution platform, and the ad-tech stack connecting the two.
