The streaming landscape is in for a massive seismic shift. Fox Corporation announced that it is acquiring streaming giant Roku in a blockbuster deal valued at roughly $22 billion. The cash-and-stock transaction, which sees Fox paying $160 per share, marks the broadcasting giant’s biggest push into digital entertainment.

For millions of viewers, the merger means two of the biggest hubs for free, ad-supported streaming, Fox’s Tubi and The Roku Channel, are officially joining forces under one roof.

Once the deal successfully closes, current Fox shareholders will own approximately 73% of the combined company, while Roku shareholders will hold the remaining 27%. Roku founder Anthony Wood is also scheduled to join Fox’s board of directors.

For everyday cord-cutters, the immediate impact lands squarely on your home screen and smart TVs. Fox has historically been the destination for major live broadcasting, holding the keys to massive “appointment viewing” events like NFL Sunday games, Major League Baseball, and live news. However, Fox lacked its own dedicated hardware platform or a massive premium subscription ecosystem. By buying Roku, Fox suddenly owns the actual operating system that dictates how millions of people browse, discover, and watch content every single day.

The real powerhouse of this merger lies in free television. Combining Tubi with The Roku Channel catapults the new combined entity into the top tier of US television consumption. Combined, they will control the third-largest share of total viewing time in the United States, sitting comfortably behind only streaming giants YouTube and Netflix.

While the boards of both companies have approved the definitive agreement, the deal isn’t final just yet. The transaction is still subject to standard regulatory approvals and shareholder votes, and it is officially expected to close in the first half of 2027.

Until the deal closes, your Roku streaming sticks and TVs will keep working exactly as they do today, but after that, you can expect a much heavier dose of live sports and free ad-supported content to potentially dominate your home feed.