Fox's $22 billion Roku acquisition reflects a strategy of prioritizing audience loyalty, live programming and steady growth rather than chasing every new media trend.

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 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…