FOX bridges linear and digital video ecosystems with $22 billion acquisition of Roku

Fox Corporation has reached a definitive agreement to acquire Roku, Inc. for $160.00 per share in a cash-and-stock transaction valued at an enterprise value of approximately $22 billion, forming a consolidated media giant spanning broadcasting and streaming technology.

Fox Corporation has unveiled an agreement to buy Roku, Inc. for $160.00 per share via a mixed cash-and-stock distribution structure. According to official corporate disclosures, the transaction yields an enterprise valuation of approximately $22 billion and will be executed by paying $96.00 in cash alongside 0.9693 shares of FOX Class A common stock for every outstanding Roku share. Fox Corporation is a major American media company focused on live news, sports broadcasting, and digital entertainment. Roku, Inc. is a leading television streaming platform that connects users to content and provides targeted digital advertising infrastructure. Upon completion of the merger, which has been approved by the boards of both enterprises and is expected to close in the first half of calendar year 2027, the consolidated entity will represent the third-largest player in U.S. television viewing share.

This megamerger directly impacts the traditional broadcasting, streaming media, digital advertising, and connected television hardware industries. By combining Fox's premium live sports and news assets with Roku’s operational footprint of over 100 million global streaming households, the deal merges high-value live content with a massive distribution terminal. On a strategic level, the transaction accelerates the shift from linear distribution to ad-supported connected television models, creating a powerful ecosystem by combining free ad-supported streaming TV networks like Tubi and The Roku Channel.

For media investors and ad buyers, this consolidation provides an unprecedented cross-platform reach spanning broadcast, cable, and over-the-top streaming environments. It allows the combined firm to leverage extensive first-party consumer viewership data, optimize programmatic advertising yield, and achieve close to $400 million in estimated run-rate cost synergies.