Fox Corporation is set to acquire Roku in a $22 billion transaction that combines one of the most valuable portfolios of live sports and news content with one of the world’s largest connected TV platforms. The deal values Roku at $160 per share through a mix of cash and FOX Class A stock.

The acquisition brings together FOX’s content assets, including major sports rights, FOX News, and streaming platform Tubi, with Roku’s extensive connected TV ecosystem, The Roku Channel, platform technology, and direct relationships with more than 100 million streaming households. The combined company aims to capitalize on two major industry trends: the growth of streaming and the continued strength of live programming.

FOX and Roku emphasized that Roku will remain an open, partner-friendly platform while FOX content will continue to be widely distributed. The combined business is expected to rank as the third-largest television company in the US by viewing share, with a diversified presence across traditional television and streaming.

According to FOX CEO Lachlan Murdoch, the transaction extends the company’s strategic transformation toward higher-growth digital businesses. Roku CEO Anthony Wood said the merger creates opportunities to scale faster, deepen innovation, and deliver greater value for viewers, advertisers, and content partners.

Key strategic advantages include expanding FOX’s footprint in connected TV advertising, strengthening its position across the video ecosystem, improving content discovery and viewer engagement, and accelerating growth through a larger streaming and advertising platform.

The transaction is expected to generate approximately $400 million in annual cost synergies while enhancing FOX’s long-term financial profile. Upon closing, FOX shareholders will own roughly 73% of the combined company and Roku shareholders 27%. The deal is expected to close in the first half of 2027 following required approvals.