In a massive move reshaping how Americans watch television, Fox Corporation announced today that it has agreed to acquire streaming pioneer Roku in a cash-and-stock deal valued at approximately $22 billion. The agreement will pay Roku shareholders $160 per share, combining Fox’s powerhouse portfolio of live sports and news with Roku’s massive digital footprint. Once the deal closes, the combined company will become the third-largest player in U.S. television based on total viewing share.

Traditional cable networks are facing a steady decline as audiences migrate online, making this acquisition a logical next step for Fox. By taking over Roku, Fox gains immediate, direct access to more than 100 million global households that use Roku’s operating system and streaming devices. The goal is to marry the enduring primacy of live sports and news with the fast-growing world of streaming television.

Under the terms of the financial agreement, Roku investors will receive $96 in cash alongside roughly 0.97 shares of Fox Class A stock for each share they own. To ensure a smooth transition, Roku founder and CEO Anthony Wood will join the Fox board of directors and continue to play an active role in the merged company. Fox also emphasized its commitment to keeping Roku running as an open, partner-friendly platform, meaning users should see no changes to competing apps like Netflix, Disney+, and YouTube on their devices.

Fox is already a major player in the streaming space through its ownership of Tubi, a highly successful, free, ad-supported streaming app. Analysts expect that acquiring Roku, which operates its own free service called The Roku Channel, will more than double Fox’s annual connected-TV advertising revenues. The transaction has been unanimously approved by the boards of both companies and is expected to officially close in the first half of 2027, pending regulatory and shareholder approval.