Fox to Buy Roku for $22 Billion in a Connected-TV Land Grab
Fox agreed to acquire Roku for about $22 billion ($160/share), buying into connected-TV distribution and Roku’s 100M-plus households.
TL;DR — Fox Corporation agreed to acquire Roku for about $22 billion ($160 per share in cash and stock), buying its way into connected-TV distribution and Roku’s 100M-plus streaming households.
A legacy broadcaster just made a big bet on the streaming future. On June 15, 2026, Fox agreed to acquire Roku for about $22 billion.
The deal
Fox Corporation agreed to acquire Roku for an enterprise value of about $22 billion, or $160.00 per Roku share — split $96.00 cash plus 0.9693 Fox Class A shares. Morgan Stanley committed $12 billion in bridge financing. Post-close, Fox holders would own ~73% and Roku holders ~27%, with the deal expected to close in the first half of 2027. It pairs Fox’s content (and its Tubi service) with Roku’s 100M-plus streaming households and ad platform.
| Terms | Detail |
|---|---|
| Enterprise value | ~$22B |
| Per share | $160.00 ($96 cash + 0.9693 Fox A) |
| Ownership | ~73% Fox / 27% Roku |
| Close | H1 2027 |
What they said
"This is a defining moment for FOX, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade." — Lachlan K. Murdoch, Executive Chair & CEO, Fox Corporation
Why it matters
- Distribution is destiny. Owning Roku gives Fox a direct pipe into tens of millions of TVs.
- Buy vs. build. Fox chose to acquire connected-TV reach rather than grow it slowly.
- A counter to Disney/Netflix. It’s a bid to compete with rivals that own their distribution.
FAQ
How much is Fox paying for Roku?
About $22 billion in enterprise value, or $160.00 per Roku share — $96.00 in cash plus 0.9693 Fox Class A shares. The deal, announced June 15, 2026, is expected to close in the first half of 2027.
Why is Fox buying Roku?
To gain connected-TV distribution. Roku’s 100M-plus streaming households and advertising platform give Fox (and its Tubi service) a direct route to viewers, countering rivals like Disney and Netflix that control their own distribution.
Sources
Image: Roku logo by Roku — Public domain, via Wikimedia Commons.
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