The market hates Fox’s acquisition of Roku, but the company is trading extraction from rights holders for leverage as a renter.

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.

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…