Fox is buying Roku, giving it a bigger advantage in free, ad-supported streaming as Hollywood looks to boost engagement.

The tie-up will create the “third-largest player in U.S. television,” the companies said.

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

Fox says the combined company will be the third largest in US television.

Fox CEO Lachlan Murdoch said on Monday that the Roku acquisition marks a "defining moment" for the company.

Fox Corporation has announced plans to acquire Roku for approximately $22 billion, a strategic partnership designed to integrate Fox's renowned sports and news programming with…