06/17/2026
Fox Corp. is making its biggest streaming move yet, agreeing to acquire Roku for $22B in a deal that gives it control of the menu screen seen by more than 100 million households worldwide.
The acquisition instantly makes the combined company the third-largest player in U.S. TV by viewing share and gives Fox a powerful new advantage: ownership of the first screen viewers see when they turn on their TVs.
Fox is paying $160 per Roku share and taking on $8.3B in new debt to fund the purchase. Together, Fox and Roku are expected to generate about $9B in advertising revenue, roughly 14% of all U.S. TV ad spending.
For years, Fox argued it didn’t need a major streaming strategy. Now, under Lachlan Murdoch, it’s making its biggest digital bet yet. Beyond streaming distribution, the deal gives Fox valuable viewer data, premium ad inventory, and greater leverage with studios, streamers, and sports leagues.
Investors were less enthusiastic, sending Fox shares down around 15% following the announcement.