Fox Corporation is buying Roku in a deal worth approximately $22 billion in enterprise value.

The agreed-upon price comes out to $160 per Roku share, paid as $96 in cash plus 0.9693 shares of FOX Class A common stock for each Roku share. The deal, announced on June 15, is expected to close in the first half of 2027, pending shareholder approval and regulatory clearances.

What the deal looks like under the hood

Roku founder Anthony Wood and related entities have signed voting and support agreements backing the merger. LGC Holdco LLC has done the same.

Just weeks before the acquisition announcement, on May 26, Roku added Fox One premium subscriptions to The Roku Channel.

The bigger picture: media consolidation accelerates

Streaming margins are thin. Advertising dollars are migrating from linear TV to connected TV platforms.

Fox has spent the last several years leaning into live programming, particularly sports. Roku, meanwhile, has built one of the largest connected TV operating systems in the US, with a free, ad-supported streaming channel.

What this means for investors

The $160 per share price represents a significant premium for Roku shareholders, and the cash-plus-stock structure gives them immediate liquidity while retaining upside exposure to the combined entity.

The regulatory path also deserves attention. A deal of this size, combining a major broadcaster with one of the dominant connected TV platforms in the US, will almost certainly attract scrutiny from antitrust regulators. The first-half-of-2027 closing timeline suggests both companies expect a thorough review process.