Fox buys Roku in $22bn streaming power play

Fox Corporation has agreed to acquire Roku in a deal valuing the streaming platform at approximately $22 billion, one of the biggest media transactions of the year. The move gives Fox control of a major connected TV gateway used by more than 100 million streaming households globally, strengthening its position as sports, news and entertainment audiences continue to shift away from traditional television and towards digital viewing.

Under the agreement, Roku shareholders will receive $160 per share, made up of $96 in cash and 0.9693 shares of Fox Class A common stock. The transaction is expected to close in the first half of 2027, subject to approvals. Fox said the deal brings together its live sports, news and entertainment content with Roku’s operating system, advertising technology and streaming distribution platform.

For Fox, the strategic value is not just Roku’s hardware or app ecosystem. It is the ability to own a larger part of the streaming journey, from discovery and distribution to advertising and audience data. As sports rights fees continue to rise, broadcasters need more control over how content reaches viewers and how those audiences are monetised.

Roku also gives Fox a powerful position on the TV home screen, where consumer attention increasingly begins. That matters for Fox Sports, Fox One, Tubi and future live-event promotion, particularly as connected TV becomes a more important battleground for sports media.

The acquisition reflects a broader shift in the industry. In the next phase of sports broadcasting, premium rights will still matter, but distribution, data and advertising technology may become just as important. Fox’s Roku deal is another sign that the future of sports media will be shaped by whoever controls access to the audience.