Fox Acquires Roku for $22 Billion, Boosting Streaming Presence

FOX Corp announced on June 15, 2026 that it is acquiring ROKU in a transaction valued at approximately $22 billion. The consideration is $160.00 per Roku share, structured as $96.00 in cash plus 0.9693 Fox Class A shares. That split is roughly 60% cash (approximately $15 billion) and 40% stock (approximately 152 million new Fox shares issued). Upon closing, existing Fox shareholders will own approximately 73% of the combined company and Roku shareholders approximately 27% . Both boards approved the transaction unanimously, and the deal is expected to close in the first half of calendar 2027.

The strategic logic centers on combining Fox's live sports and news content with Roku's connected-TV platform, The Roku Channel, and its first-party household data from more than 100 million global streaming households. Fox also owns Tubi, one of the largest ad-supported free streaming services in the US. Pairing Tubi's content library and Fox's premium live inventory with Roku's OS-level data and ad-targeting infrastructure creates a vertically integrated ad-supported streaming business at significant scale . The live sports and news angle is particularly notable: Fox holds rights to NFL, MLB, and college football, categories where audiences still watch live and where ad CPMs remain high.

For Roku, the deal provides a well-capitalized parent and removes the strategic uncertainty of being an independent platform in an increasingly consolidated market. The combined entity may compete more directly with platforms like Amazon Fire TV and Google TV for OS-level control of the smart TV. Investors will be watching integration execution closely: Roku's value rests heavily on its neutral platform positioning, and how Fox manages that brand post-close will shape both user retention and the trajectory of advertising revenue for the combined company.