Fox to Buy Roku In $22 Billion Cash-and-Stock Acquisition
Fox Corp. agreed to buy Roku in a $22 billion cash-and-stock deal announced Monday, merging Fox's live news and sports reach with Roku's streaming platform.[1]
Fox will pay $96 in cash plus 0.9693 shares of Fox Class A stock per Roku share, valuing the transaction at about $160 per Roku share.[1] Under the plan, Fox shareholders would own about 73% and Roku shareholders about 27% of the combined company.[1] The companies said the deal is expected to close in the first half of 2027 pending shareholder votes and regulatory approvals.[1] Roku founder and CEO Anthony Wood will remain involved and will join the Fox board after the transaction closes.[1] The firms said Roku will continue to operate as an open, partner-friendly platform and that no immediate customer-facing changes are expected.[1] Fox CEO Lachlan Murdoch said the deal will combine Fox's live news and sports with Roku's platform to boost advertising and subscription revenue.[1] Murdoch called the timing "the right transaction, at the right moment, for all the right reasons." PBS After the announcement, Fox shares fell while Roku shares rose in premarket trading.[1]
On June 12, 2026, Bloomberg reported Roku was exploring strategic options, including a potential sale and talks with at least one U.S. media company. Fox had previously held about a 5% stake in Roku but sold it in 2020 when it acquired the ad-supported streamer Tubi for $440 million. Roku-powered devices accounted for more than 21% of U.S. TV viewing time, and Roku was the top U.S. TV streaming platform by hours streamed as of December 2025.
Market reports indicate Fox lined up roughly $12 billion of bridge financing from Morgan Stanley to help underwrite the acquisition.[1] The companies say the combined business would be the third-largest U.S. television player by share of viewing, a scale they argue will sharpen ad targeting across connected TV and live programming.[1]
The mainstream summary does not mention that Roku-powered devices accounted for over 21% of all U.S. TV viewing time and significantly outperformed the next leading TV operating system in terms of engagement. This data underscores the strategic value that Roku brings to Fox, which may enhance their competitive positioning in the streaming landscape. Additionally, while the summary notes the financial structure of the deal, it omits the fact that Fox secured approximately $12 billion in bridge financing from Morgan Stanley to facilitate the acquisition, aligning with trends seen in other major tech acquisitions aimed at enhancing ad targeting capabilities across connected TV.
Where mainstream reporting treats this acquisition primarily as a merger of content and platform, social media insights highlight the broader implications of this deal, suggesting it reflects an accelerating consolidation trend in the media industry. Analysts and commentators argue that this move allows Fox to leverage Roku’s first-party data and extensive household reach, positioning the company to better compete against dedicated streaming services. This perspective emphasizes the strategic shift traditional media companies are making in response to the evolving landscape of content consumption.
Show source details & analysis (2 sources)
📊 Relevant Data
Roku-powered devices account for more than 21% of all U.S. TV viewing time and drive more than three times the engagement of the next leading TV operating system.
Nielsen Gauge report via Roku advertising resources — Roku Advertising
Roku is the #1 TV streaming platform in the U.S. by hours streamed.
Roku newsroom announcement — Roku
📌 Key Facts
- On Monday, June 15, 2026, Fox Corp. and Roku said Roku will continue to operate as an open, partner-friendly platform with no immediate customer-facing changes expected.
- Fox and Roku said the combined company will be the third-largest player in U.S. television by share of viewing.
- Fox CEO Lachlan Murdoch said the deal will combine Fox's live news and sports with Roku's streaming platform to boost exposure to advertising and subscription revenue, calling it “the right transaction, at the right moment, for all the right reasons.”
- Roku founder and CEO Anthony Wood will have an ongoing role and will join the Fox board of directors after the transaction closes.
- The companies said Fox will pay $96 in cash plus 0.9693 shares of Fox Class A stock per Roku share — valuing the transaction at about $160 per Roku share — with Fox shareholders owning about 73% and Roku shareholders about 27% of the combined company.
- The deal is expected to close in the first half of 2027, pending Fox and Roku shareholder votes and regulatory approvals; after the announcement Fox shares fell while Roku shares rose in premarket trading.
📰 Source Timeline (2)
Follow how coverage of this story developed over time
- On Monday, June 15, 2026, Fox Corp. and Roku said Roku will continue to operate as an open, partner-friendly platform with no immediate customer-facing changes expected.
- Fox and Roku stated that the combined company will be the third-largest player in U.S. television by share of viewing.
- Fox CEO Lachlan Murdoch said the deal will combine Fox's live news and sports with Roku's streaming platform to boost exposure to advertising and subscription revenue, and called the timing "the right transaction, at the right moment, for all the right reasons."
- Roku founder and CEO Anthony Wood will have an ongoing role and will join the Fox board of directors after the transaction closes.
- The companies reiterated that Fox will pay $96 in cash plus 0.9693 shares of Fox Class A stock per Roku share, valuing the deal at about $160 per Roku share, with Fox shareholders owning about 73% and Roku shareholders about 27% of the combined company.
- The article confirms the deal is expected to close in the first half of 2027 pending Fox and Roku shareholder votes and regulatory approvals, and notes that Fox shares fell while Roku shares rose in premarket trading after the announcement.