Fox to Acquire Roku, Forming a $22B Streaming Powerhouse

Fox Corporation will acquire Roku in a cash-and-stock deal valued at about $22 billion, paying $160 per Roku share and creating a combined company with FOX’s live sports, news and Tubi content alongside Roku’s The Roku Channel and streaming platform. On a pro forma basis, the merged entity would be among the largest U.S. TV players by share of viewing, with FOX shareholders owning roughly 73% and Roku holders about 27%. The transaction is expected to close in the first half of 2027, funded by debt and cash, and is anticipated to yield about $400 million of run-rate cost synergies and accrete free cash flow by year two. Anthony Wood will join FOX’s board, and FOX emphasizes maintaining an open Roku platform and uninterrupted capital returns, though closing is subject to regulatory and shareholder approvals and other customary conditions.