Fox Corp. is acquiring Roku in a $22 billion deal that combines Fox's television networks and Tubi streaming service with Roku's devices, smart TV software, and streaming channel. The merger creates the third-largest U.S. television player by viewing share.
Fox will gain control of Roku's hardware ecosystem, software platform, and streaming service through the acquisition. The combined entity will span broadcast, cable, local, and streaming television—positioning it as a major competitor in the fragmented media landscape.
Under the deal, Fox content will receive prominent placement on Roku devices and smart TVs. Roku's ad-supported streaming model aligns with Fox's strategy to grow its advertising-based streaming business alongside its traditional television operations.
The acquisition represents a significant consolidation in the streaming market. Bloomberg Intelligence media analyst Geetha Ranganathan noted the deal makes strategic sense by giving Fox a broader gateway into streaming distribution.
Roku operates one of the largest streaming platforms in the U.S., with its devices embedded in millions of smart TVs and streaming hardware. The Roku Channel offers free, ad-supported content. Fox brings established media properties including Fox broadcast network, cable channels, and Tubi, a free ad-supported streaming service.
The $22 billion valuation includes debt assumption. The transaction requires regulatory approval and is expected to close in 2025.
This deal reflects consolidation trends in media as traditional broadcasters seek to compete with streaming giants like Netflix, Disney+, and Amazon Prime Video. By combining linear television assets with streaming technology and distribution, Fox aims to maintain relevance as viewing habits shift toward streaming platforms.
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