Fox buys Roku in $22bn streaming power play

Fox Corporation has agreed to acquire Roku in a cash-and-stock deal valued at approximately $22 billion, giving the broadcaster control of one of the biggest connected TV platforms in the world. The deal is about far more than streaming apps. It gives Fox access to Roku’s operating system, advertising technology, audience data and more than 100 million households globally,

strengthening its position as sports viewing continues to shift away from traditional television.

The transaction values Roku at $160 per share, made up of $96 in cash and the remainder in Fox Class A stock. If approved, the deal is expected to close in early 2027 and would combine Fox’s sports, news and entertainment content with Roku’s connected TV platform and advertising ecosystem.

For Fox, the timing is significant. Sports rights fees continue to rise, with the NFL and other premium properties becoming increasingly expensive. Owning content is no longer enough. Broadcasters also need distribution, data and the ability to monetise audiences across streaming environments.

Roku gives Fox a major position at the point where many viewers begin their TV experience: the home screen. That creates opportunities to promote Fox Sports, Fox One, Tubi and live events more effectively, while also strengthening its advertising business through better targeting and measurement.

The deal also raises wider questions for the streaming industry. If major content owners increasingly control distribution platforms, the battle for visibility on the TV home screen could become just as important as the battle for rights. For sports media, this is another sign that the future will be shaped not only by who owns the content, but by who controls access to the audience.