Fox is buying Roku. Fox Corporation said Monday it agreed to acquire the streaming company. The cash-and-stock deal is worth about $22 billion. That makes it one of the biggest media takeovers in years.
The deal terms
Roku shareholders will get $160 for each share. That breaks down to $96 in cash. The rest comes as 0.9693 shares of Fox Class A stock, worth about $64. Once the deal closes, Fox shareholders would own roughly 73 percent of the combined company. Roku investors would hold the other 27 percent. Roku founder and CEO Anthony Wood would also join the Fox board.
Why Fox wants Roku
The logic here is reach. Roku’s operating system sits inside more than 100 million households. Fox wants that space for its live sports, news and Tubi service. Discovery now matters as much as programming. Roku showed this when it overhauled its TV home screen. That update pushed recommendations and platform-level control. So owning the screen gives Fox a louder say in where its content appears.
What changes for everyone else
For now, little changes for rivals and viewers. The companies say Roku will stay “an open, partner-friendly platform.” Rival apps and the ad-supported Roku Channel keep their place. Wood called the deal a growth move, not an exit. He said it would help Roku “scale faster for viewers, partners and advertisers.”
The hurdles ahead
A long road still remains, though. The deal should close in the first half of 2027. First, both sets of shareholders must approve it. Then regulators in the US and abroad must sign off too. Meanwhile, media mergers face sharper antitrust scrutiny lately. That open-platform promise is exactly what reviewers will test.
For Roku, the sale ends a hard run as an independent platform. Thin hardware margins and a brutal ad market squeezed it for years. For Fox, this is a bid to own the gateway, not just the channel. But whether regulators agree is the open question.
