Fox Corporation announced a definitive agreement to acquire Roku for approximately $22 billion. The transaction values Roku at $160 per share. Fox will pay for the acquisition using a combination of cash and Class A common stock.
The deal vertically integrates Fox's content library with a distribution network reaching 100 million households globally. This move allows Fox to compete directly with other vertically integrated media giants. Fox gains control over a vital distribution gateway and a high-margin advertising business.
The acquisition ends Roku's era as a neutral, independent platform. This shift will likely alter how rival providers feature and monetize content on the leading U.S. TV streaming operating system. The transaction is expected to create significant ripple effects across the broader streaming landscape.