In the company’s first major acquisition since offloading the vast majority of its entertainment assets to Disney in 2019, Fox Corporation announced on Monday it will purchase streaming platform Roku in a deal worth $22 billion.
Fox will purchase Roku at a value of $160.00 per share, about an 11% premium over the streaming platform’s closing price of $143.66 on Friday. Approximately 60% of the deal will be funded with cash, awarding Roku shareholders $96 per share, with the other 40% being funded with stock, with Roku shareholders receiving 0.9693 shares of Fox stock for each share of Roku stock.
Roku CEO Anthony Wood said the “transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company.”
For Fox, it’s the first major strategic transaction of the Lachlan Murdoch era, and it perhaps unsurprisingly came less than a year after the elder son of Rupert Murdoch wrested future control of the company from his three siblings, who stood to potentially take control of Fox Corporation following their 95-year-old father’s death.
At the time of the announcement last September, Fox CEO Lachlan Murdoch claimed the “clarity” of the company’s future from a leadership standpoint was “great news for investors.”
“It gives us a clarity about our strategy going forward. It shows that our strategy will be consistent, it’s clear, and it’s very sustainable,” he said. No doubt, it’s difficult to imagine a $22 billion transaction would’ve happened if succession tensions were still simmering in the background.
The acquisition will completely transform Fox’s position in streaming. Roku boasts over 100 million global users and, for many, is a portal into every form of television content. Paired with Tubi, the Fox-owned FAST platform, the combined company will control about 5.5% of television streaming viewing in the United States, just above the 5.3% share the Disney+, Hulu, ESPN+ bundle generates, per Nielsen’s latest The Gauge metrics.
During an analyst call following the deal’s announcement, Murdoch reiterated that Fox’s core business, at least for now, remains live sports and news.
Fox CEO: Sports rights tied to broadcast , cable and Fox One, do not see that changing
— Brian Steinberg (@bristei) June 15, 2026
The companies are targeting the first half of 2027 for the deal to close. Fox does not anticipate the deal will face any significant regulatory scrutiny, Murdoch said during the call.
It’s clear with this deal, Fox is making a sizable bet on platform aggregation being the future of the television medium. Fragmentation has become a major pain point for consumers as content continues to be split among many different platforms. Roku is a company that could conceivably help solve that problem, though it’s too early to know whether other major players in media will remain on board with the platform’s new ownership being one of their direct competitors.
About Drew Lerner
Drew Lerner is a staff writer for Awful Announcing and an aspiring cable subscriber. He previously covered sports media for Sports Media Watch. Future beat writer for the Oasis reunion tour.