In a move to capture the dual market forces of live broadcast television and digital streaming, Fox Corporation on Monday announced it is acquiring Roku, Inc. for $160.00 per share in a deal valued at an enterprise value of $22 billion.
The combination pairs FOX’s live entertainment, news and sports portfolios — including The Tubi service, the NFL, MLB and FOX News Media — with the top television streaming platform in the U.S. by hours streamed, accelerating the company’s expansion into connected TV advertising.
“This is a defining moment for FOX, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade,” Fox Corporation Executive Chair and CEO Lachlan Murdoch said. “Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it.”
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“We are executing this acquisition from a position of financial strength — maintaining our investment grade balance sheet while providing our shareholders with an uninterrupted return of capital program in the form of share buybacks and dividends,” Murdoch continued. “Roku pioneered streaming TV and scaled it into a leading CTV platform. Together, we intend to lead its next chapter.”
The transaction positions the combined company as the third-largest player in U.S. television by share of viewing. Currently, Roku is in over 100 million global streaming households, which includes more than half of all U.S. broadband households.
Unanimously approved by the Boards of Directors of both companies, FOX is buying the company using a mix of cash and its own stock. Once the merger is complete, ownership will be split 73% for current FOX shareholders and 27% for Roku shareholders, based on who held shares prior to the deal.
Roku founder, chair and CEO Anthony Wood will maintain an ongoing role at the combined company and will join the FOX Board of Directors following the transaction’s close in the first half of 2027.
“Over the past two decades, we’ve built Roku into the leading TV streaming platform, reaching more than 100 million households globally and reshaping how people discover and enjoy entertainment. I’m incredibly proud of what our team has built, and the combination with FOX is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers,” Wood said.
“That’s why our Board of Directors unanimously determined after concluding its strategic review process that this 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,” Wood added. “I couldn’t be more excited about what we’ll accomplish together.”
The deal remains subject to customary closing conditions, including approvals by FOX and Roku shareholders and U.S. and certain non-U.S. regulatory approvals.
The transaction is expected to close in the first half of calendar year 2027.
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