Fox Corporation is buying Roku in a deal that values the streaming platform at around $22 billion, a move that pushes the traditional broadcaster firmly into the world of connected television. The companies announce the agreement on 15 June 2026, with Fox paying $160.00 per share in a mix of cash and its own Class A stock. For a business best known for live sport and news, it is a large bet on how people now choose to watch.
A deal built on reach
The logic behind the purchase is scale. Roku reaches more than 100 million streaming households worldwide and runs The Roku Channel, one of the most watched free services in the United States. Fox brings its own live content, including the NFL, MLB and Fox News, along with the free streaming service Tubi, which it buys in 2020 for $440 million.
Together, the two companies expect to rank as the third largest player in American television by share of viewing. Fox shareholders are set to own about 73 per cent of the combined business, with Roku holders taking the remaining 27 per cent. Both boards approve the deal unanimously, and it is expected to close in the first half of 2027.
Why traditional media is changing course
The purchase reflects a wider shift in how audiences behave. Viewers continue to move away from cable packages towards streaming, and live events have become one of the few reliable ways to hold large audiences in one place. By owning the platform as well as the content, Fox gains direct access to viewer data and to advertising on the screen people see first.
Lachlan Murdoch, executive chair and chief executive of Fox, describes the agreement as a defining moment for the company. He points to growing consumer demand for simpler, unified viewing experiences, the kind that a single platform such as Roku can provide. The deal also marks the latest wave of consolidation across an entertainment industry competing hard for migrating viewers.
What it means for the market
For investors, the agreement signals that legacy broadcasters are willing to spend heavily to secure distribution rather than rely on content alone. Roku has long operated as a neutral gateway to rival services such as Netflix and YouTube, and both companies say they intend to keep it open and partner friendly. How that promise holds under Fox ownership will be watched closely by competitors and advertisers.
The structure of the deal matters too. By using a mix of cash and stock, Fox protects its investment grade credit rating and says its shareholder returns programme will continue without interruption.
A measured outlook
The combined company faces real questions about integration, regulatory review and whether an open platform can sit comfortably inside a content owner. If Fox manages those tensions, the deal could become a template for how traditional media adapts. The first half of 2027, when the transaction is due to complete, will offer the first real test.
