Fox Agrees to Buy Roku for $22 Billion, Combining Streaming Platform and Content Empire
Fox Corporation is making its biggest strategic bet since entering the streaming era, announcing a deal to acquire Roku in a transaction valued at approximately $22 billion. The acquisition would combine Fox’s growing streaming ambitions with one of the largest connected-TV platforms in the world.
The deal would unite Fox’s portfolio of live sports, news, entertainment programming, Tubi, and Fox One with Roku’s streaming devices, operating system, advertising business, and audience of more than 100 million households. Fox says the combined company would become the third-largest player in U.S. television viewing share.
The transaction marks a major shift in Fox’s business model. Rather than relying primarily on distributors and cable partners, Fox would gain direct control over a platform that sits between viewers and thousands of streaming services.
That positioning could become especially valuable in the connected-TV advertising market, one of the fastest-growing segments in media. Roku generated significant growth from advertising and platform revenue before the acquisition announcement, making it attractive for companies seeking direct access to streaming audiences.
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The announcement also generated immediate discussion online. Some users expressed concern that Fox content could receive preferential treatment on Roku devices despite assurances that the platform will remain open to third-party services. Others focused on broader concerns about consolidation across the streaming industry.
The acquisition follows several years of Fox expansion in ad-supported streaming, beginning with the company’s purchase of Tubi and continuing with the launch of Fox One. Recent partnerships between Fox and Roku had already hinted at deeper strategic alignment before the acquisition announcement.
The deal is expected to close during the first half of 2027 pending regulatory approvals.
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