Fox Corporation has agreed to acquire Roku in a cash-and-stock deal valued at about $22 billion. The Fox Roku deal would combine Fox’s sports, news, and entertainment programming with one of the largest connected TV platforms in the market.
The companies announced the agreement on Monday, June 15. The transaction values Roku at $160 per share and is expected to close in the first half of 2027, pending shareholder and regulatory approvals.
Fox Roku Deal Expands Streaming Reach
The agreement would give Fox a larger role in the fast-changing streaming market. Roku operates a major connected TV platform, sells streaming devices, and runs The Roku Channel.
Roku reaches more than 100 million streaming households globally, according to the companies. That reach gives Fox a direct path into homes where viewers are moving away from traditional cable.
Fox already owns Tubi, a free ad-supported streaming service. By adding Roku, Fox would gain another major advertising platform and a stronger position in connected television.
The companies said Roku would continue operating as an open platform. That means other streaming services would still be available through Roku devices and software.
What Roku Shareholders Would Receive
Under the deal, Roku shareholders would receive $96 in cash and 0.9693 shares of Fox Class A common stock for each Roku share. The total value equals $160 per share.
After the transaction closes, Fox shareholders are expected to own about 73% of the combined company. Roku shareholders are expected to own about 27%.
Fox said its shareholder capital return program would continue. The company also said it expects to maintain its investment grade rating.
The agreement still needs approval before it becomes final. Until then, Fox and Roku will continue operating as separate companies.
Why Fox Wants Roku
Fox has focused heavily on live sports, news, broadcast television, and free streaming. Roku gives the company a larger technology and distribution platform.
The deal could help Fox sell more targeted advertising across streaming services. It may also strengthen Fox’s ability to promote live programming, including sports and news, to streaming audiences.
Media companies have been searching for better ways to reach viewers as cable subscriptions decline. Connected TV platforms have become more important because they control how many viewers find streaming apps and channels.
The Fox Roku deal also reflects a larger trend in media consolidation. Traditional television companies are looking for scale as streaming competition grows.
What It Means for Viewers
For viewers, the deal may lead to more Fox programming across Roku’s platform. It could also bring closer connections between Tubi, The Roku Channel, and Fox’s live content.
However, the companies have said Roku will remain open to outside partners. That point will likely matter to other streaming companies that depend on Roku for distribution.
Regulators may review whether the deal affects competition in streaming, advertising, or connected TV access. The companies expect the transaction to close in the first half of 2027.
If completed, the acquisition would make Fox a much larger player in streaming technology. It would also place Roku’s platform, ad business, and audience reach inside one of the country’s best-known media companies.
For consumers, advertisers, and media competitors, the Fox Roku deal signals another major shift in how television is distributed, watched, and paid for.