US media giant Fox Corporation is acquiring streaming powerhouse Roku in a cash-and-stock deal worth around $22 billion, CNBC reports. Fox is betting that combining its sports and news programming with a leading TV streaming platform will strengthen its position. The acquisition comes as audiences increasingly shift online.

Roku offers access to 100 million streaming households

The deal, announced on Monday, gives cable-dependent Fox direct access to Roku’s large installed base of more than 100 million streaming households. This is intended to help sell targeted advertising more effectively and reduce reliance on traditional distribution channels.

Fox will acquire Roku at $160 per share, representing an 11.4 percent premium over Roku’s last closing price. Fox shares fell 8% in pre-market trading, while trading in Roku shares was halted.

Merger could create a clear streaming market leader

Roku is one of the first companies to bring streaming platforms such as Netflix and YouTube to the television via connected devices and smart TVs. The company’s business largely derives from advertising and subscription revenue from streaming apps on its platform. Advertising is the largest revenue driver, with revenue of $613 million in the first quarter of 2026 — an increase of 27 percent year over year.

Fox already operates Tubi, while Roku runs the Roku Channel. A combination of the two platforms could create a clear market leader in streaming, with a significant share of total television viewership.

Deal expected to close in 2027

Reuters reported on Friday that Roku is exploring its strategic options, including a full sale of the company, amid interest from firms seeking access to its vast streaming audience and advertising platform.

The merged company could become the third-largest player in US television by audience share, the companies said. The transaction is expected to close in the first half of calendar year 2027. Upon closing, existing Fox shareholders are expected to hold approximately 73 percent of the combined company, with Roku shareholders holding approximately 27 percent.

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