The media company is set to acquire streamer Roku in a $22 billion acquisition. CEO Lachlan Murdoch argued it'll make Fox more attractive for brands.

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.

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