Fox is set to buy Roku for $160 per share in a cash and stock deal, reuniting two companies after Roku's stock surged 20% on sale reports.

Fox Corp. is buying streaming platform Roku in a cash-and-stock deal valued at approximately $22 billion.

Fox acquires Roku for $160 a share, valuing it at about $22bn, to pair its live sports and news with the platform in 100 million streaming households.