Fox Corporation has announced plans to acquire streaming platform Roku in a landmark $22 billion cash-and-stock deal, marking one of the biggest media acquisitions of 2026. The move is designed to strengthen Fox’s position in the rapidly evolving streaming market by combining its extensive portfolio of live sports, news, and entertainment content with Roku’s massive connected TV ecosystem.

Under the terms of the agreement, Roku shareholders will receive a combination of cash and Fox stock, valuing Roku at approximately $160 per share. Once the transaction is completed, existing Fox shareholders are expected to own around 73% of the combined company, while Roku investors will hold the remaining 27%. The acquisition is subject to regulatory approval and is expected to close during the first half of 2027.

Fox CEO Lachlan Murdoch described the acquisition as a transformative step for the company, bringing together premium live content and one of the most widely used streaming platforms in North America. Roku currently reaches more than 100 million households, giving Fox direct access to a huge audience as viewers continue shifting away from traditional cable television.

The deal also creates significant opportunities in advertising and free ad-supported streaming. Analysts expect Fox’s Tubi service and Roku’s streaming assets, including The Roku Channel, to play a central role in the company’s future growth strategy. The combined business is projected to become the third-largest television platform in the United States by viewing share.

Fox has stated that Roku will continue operating as an open platform, allowing users to access a wide range of streaming services and content providers. Roku CEO Anthony Wood is expected to join Fox’s board following the completion of the merger.

The acquisition comes just weeks after Roku expanded its partnership with Fox by adding the FOX One streaming service to The Roku Channel ahead of the 2026 FIFA World Cup. The closer relationship between the two companies had already fueled speculation that a larger strategic move could be on the horizon.

As competition intensifies among streaming giants, the Fox-Roku merger signals a major shift in the media landscape, creating a company with powerful content brands, extensive advertising capabilities, and a direct connection to millions of streaming households worldwide.