What did the fox say, Fox to acquire Roku for $22 billion

Fox Corp. has agreed to acquire streaming pioneer Roku Inc. in a cash-and-stock transaction valued at approximately $22 billion in enterprise value, a bold bet that marries the dominant force in live television with the largest gatekeeper of American connected TV.

Under the terms of the agreement, Fox will pay $160.00 per share for Roku—consisting of $96.00 in cash and 0.9693 shares of Fox Class A common stock for each share of Roku. The purchase price represents a significant premium for Roku shareholders, whose company had been undergoing a strategic review.

The deal creates a massive distribution powerhouse at a time when the traditional media landscape is splintering. By combining Fox’s premium live sports and news portfolio with Roku’s platform—which reaches more than 100 million global households—the combined company will jump to become the third-largest player in U.S. television by share of total viewing time.

For Fox the acquisition accelerates a long-term pivot toward digital growth. Following the 2019 sale of its entertainment assets to Walt Disney Co., Fox deliberately focused on “appointment viewing” content like the NFL, Major League Baseball, and Fox News. While that strategy insulated the company from the worst of the cord-cutting era, it left Fox heavily reliant on traditional cable and broadcast packages.