Fox announced it is acquiring Roku in a deal valued at approximately $22 billion, including debt. The transaction grants Fox access to more than 100 million streaming households, dramatically expanding its digital footprint.
The acquisition follows Fox's 2020 purchase of Tubi and signals a broader push into direct-to-consumer distribution. By combining Roku's platform with its own content, Fox aims to compete more aggressively in the streaming wars against larger rivals.
Sources place the deal at around $22 billion, inclusive of debt. The move will make the combined entity the third-largest player in US television by share of viewing, according to Fox's projections.
For Roku shareholders, the offer represents a significant premium. The deal is expected to face regulatory scrutiny, though Fox's ownership of broadcast networks may complicate the review process.
Some analysts question whether the price tag fully accounts for Roku's slowing ad revenue growth and rising content costs in an increasingly crowded market.