Fox Corporation is buying Roku for approximately $22 billion in a deal that marries one of legacy media’s most recognizable brands with the connected-TV platform sitting in over 100 million households worldwide.
The transaction values Roku at $160 per share, split between $96 in cash and 0.9693 shares of Fox Class A stock. When the dust settles, Fox shareholders will own roughly 73% of the combined entity. The deal is expected to close in the first half of 2027.
What Fox is actually buying
Fox is acquiring a hardware and software ecosystem that has quietly become one of the most important gatekeepers in streaming. Roku’s platform powers smart TVs and streaming devices across the globe, and its free ad-supported channel, The Roku Channel, has been steadily eating into traditional viewership numbers for years.
Fox already operates Tubi, the free ad-supported streaming service it acquired back in 2020. Combine Tubi’s content library with Roku’s distribution muscle and hardware install base, and you get something that looks a lot like a vertically integrated streaming giant.
