Fox Corp to Acquire Roku in $22 Billion Deal

Fox Corp said it will purchase Roku for $160 per share in a transaction valued at roughly $22 billion, using cash and Fox Class A stock. After the deal closes, Fox shareholders are expected to own about 73% of the combined company, with Roku shareholders holding the remaining 27%.

Roku, founded in 2002, provides a connected-TV platform that reaches roughly 100 million households worldwide and is present in more than half of U.S. broadband homes. Fox’s assets include its broadcast network, a portfolio of local stations, cable channels such as Fox News and Fox Business, the subscription streamer Fox One, and sports-rights agreements covering the NFL, MLB, NASCAR, the Big Ten and the FIFA World Cup.

In a statement, Fox described the acquisition as a step toward building a “scaled next-generation media and technology company” that leverages live sports, news and streaming growth. The combined entity would join Fox’s existing streaming services, Tubi and The Roku Channel, and is projected to become the third-largest U.S. television player by viewing share.

"This is a defining moment for Fox, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade," Fox CEO Lachlan Murdoch said.

"Over the past two decades, we’ve built Roku into the leading TV streaming platform, reaching more than 100 million households globally," Roku founder and CEO Anthony Wood added.

Both companies said they will keep Roku operating as an open, partner-friendly platform and will continue distributing Fox content. Directors from each side have approved the deal, which they expect to generate about $400 million in run-rate cost synergies and become accretive to free cash flow per share by the second full year after closing.

The transaction is subject to customary closing conditions, shareholder approvals and regulatory clearances, with an anticipated closing in the first half of 2027.