Fox Corporation agrees to acquire Roku for $22 billion in cash and stock, marking Lachlan Murdoch's first major deal and a strategic pivot toward streaming.

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.