Netflix (NFLX) stock slides 3.47% premarket to $78.83 as Fox outbids the streaming giant in a massive $22 billion takeover battle for Roku.

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

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