As media companies race to secure their place in the rapidly evolving streaming landscape, acquisitions are once again taking center stage in Hollywood. The latest and perhaps most significant move comes from Fox Corporation, which announced a definitive agreement to acquire Roku in a transaction valued at approximately $22 billion.
The deal underscores a growing trend across the entertainment industry as traditional media companies seek greater control over both content and distribution. By combining FOX’s portfolio of live sports, news and entertainment programming with Roku’s connected television platform, the companies aim to create a media and technology powerhouse positioned for the next phase of television consumption.
Under the agreement, FOX will acquire Roku for $160 per share through a combination of cash and FOX Class A common stock. The transaction values Roku at an enterprise value of roughly $22 billion and is expected to close during the first half of 2027, pending shareholder and regulatory approvals.
The acquisition brings together two major players in television. FOX owns some of the most valuable live programming in the industry, including NFL, MLB, NASCAR, Big Ten Conference and FIFA World Cup rights, alongside FOX News and FOX Business. Roku, meanwhile, has grown into one of the world’s largest connected-TV platforms, reaching more than 100 million streaming households globally.
FOX Executive Chair and CEO Lachlan Murdoch described the transaction as the next step in a long-term strategy that began when the company shifted its focus toward live sports and news following the sale of many of its entertainment assets to Disney in 2019. Murdoch also pointed to FOX’s 2020 acquisition of Tubi, which has since become one of the largest ad-supported streaming services in the United States.
The combined company is expected to become the third-largest player in U.S. television by share of viewing, spanning broadcast, cable and streaming platforms. In addition to Tubi, the company will add Roku’s operating system, advertising technology, first-party consumer data and The Roku Channel to its portfolio.
For Roku, the deal offers shareholders a premium while providing access to FOX’s content ecosystem. Roku founder and CEO Anthony Wood said the combination would accelerate innovation for viewers, advertisers and content partners. Wood is expected to join FOX’s board of directors following the transaction and maintain an ongoing role within the combined company.
Industry analysts have increasingly noted that streaming growth alone is no longer enough for media companies. Instead, ownership of both premium content and the technology platforms that deliver it has become a strategic priority. The FOX-Roku transaction reflects that shift, pairing one of television’s largest content suppliers with one of the most widely used gateways into streaming entertainment.
FOX projects approximately $400 million in annual cost synergies following the merger, with additional opportunities for revenue growth through advertising, subscription services and enhanced audience targeting capabilities.
Following the close of the transaction, FOX shareholders are expected to own approximately 73% of the combined company, while Roku shareholders will hold about 27%.
As Hollywood continues to navigate changing viewing habits, advertising models and consumer expectations, the FOX-Roku deal may serve as a blueprint for the next wave of consolidation—one focused not just on creating content, but on owning the platforms through which audiences discover and watch it.
