Fox Corp. announced Monday that it is acquiring Roku, the streaming platform and connected-TV operating system provider, in a deal worth around $22 billion including debt. Fox Chief Executive Lachlan Murdoch said the acquisition brings together “the most valuable live content portfolio in video consumption with the preeminent streaming platform.”
The combined company will become the third-largest player in U.S. television by share of viewing, the companies said. Fox’s lineup includes live sports, news and entertainment programming, plus its ad-supported streaming service Tubi. Roku brings its own streaming platform and operating system, which is built into smart TVs and streaming devices from brands including TCL, Hisense and Sharp.
Roku, which had been exploring a sale as competition from tech giants such as Amazon.com and Apple intensified, counts more than 100 million global streaming households. Its platform serves as a gateway to apps like Netflix, Disney+, Hulu and hundreds of other channels, and it has been expanding its own ad-supported content.
Roku founder Anthony Wood will remain involved in the combined company and will join the Fox board of directors, according to the companies. Wood, who has led Roku since its founding, has overseen the company’s growth from a hardware maker to one of the largest streaming platforms in the United States.
The transaction is subject to regulatory approval and customary closing conditions. Fox and The Wall Street Journal share common ownership through News Corp.
The deal is the latest in a wave of consolidation reshaping the media landscape as traditional broadcasters and cable networks seek scale to compete with streaming-first tech companies.