Fox To Buy Roku In $22 Billion Deal, Expanding Streaming Reach
Fox Corp. has agreed to buy streaming device and platform maker Roku in a deal valued at about $22 billion, according to multiple published reports.
The transaction is being described as a cash-and-stock acquisition that would bring Roku under Fox’s control. The deal value, reported at roughly $22 billion, would rank among Fox’s biggest moves since the company’s restructuring in recent years and would expand its footprint beyond its traditional broadcast and cable businesses.
Roku is best known for its streaming devices and its operating system that powers smart TVs and streaming interfaces. It also runs a streaming platform that connects viewers to subscription services and ad-supported channels. Fox, which owns the Fox broadcast network and Fox News, has increasingly focused on live programming, sports, and news, while also building out digital distribution.
By combining Fox’s programming and advertising operations with Roku’s streaming hardware and platform reach, the deal would link a major U.S. media company more directly to the living-room gateway many consumers use to watch streaming content. It would also position Fox more firmly inside the advertising technology and streaming distribution markets, areas that have become central battlegrounds for media companies trying to follow audiences as viewing shifts from traditional TV bundles to connected TV.
The acquisition matters because control over distribution can shape how content is discovered, how advertising is sold, and how audiences are measured. Roku’s platform sits between viewers and many streaming services, and its home screen is a key entry point for millions of households. For Fox, owning that interface could strengthen its negotiating position in the connected TV ad market and provide a larger direct channel for its content.
The deal also reflects intensifying competition among media and technology companies over streaming ecosystems. As traditional TV viewing continues to fragment, companies are looking for ways to secure both programming supply and the pathways that deliver it. A purchase of Roku would give Fox a more direct relationship with viewers at the device and operating-system level, rather than relying solely on third-party platforms.
Next steps will include the formal process required to complete a transaction of this size, including customary approvals and closing conditions. The companies will also need to outline how Roku would operate within Fox and how the combined business would integrate product development, content distribution, and advertising operations.
Until the deal closes, Fox and Roku are expected to continue operating as separate companies while investors and industry rivals assess how a combined Fox-Roku would reshape the connected TV landscape.
If completed, the acquisition would mark a major bet by Fox on streaming distribution, placing a legacy TV power inside one of the most prominent gateways to modern home entertainment.
