By admin 
(The Hill) — Fox Corp. announced Monday that it is buying streaming company Roku for $22 billion.
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In a release, Fox said it will pay $96 in cash and 0.9693 shares of its Class A common stock for each Roku Class A and Class B share outstanding. The deal values each Roku share at $160.
The deal gives Fox access to Roku’s own channel, its first-party data and a “direct relationship” with more than 100 million households. The release noted that Roku will continue to operate as an open and “partner-friendly” platform.
Roku, founded in 2002 by Anthony Wood, produces streaming devices and TVs. It also distributes streaming services and runs an ad business.
The combined company, the release stated, will become the third-largest player in U.S. television by share of viewing.
Lachlan Murdoch, the CEO of Fox and the son of media tycoon Rupert Murdoch, said in the release the acquisition of Roku marks a “defining moment” for his company. The younger Murdoch succeeded his father in 2023 and fended off a challenge to his control of Fox Corp. and News Corp. from his siblings last year.
“In 2019, we reoriented the company around live news and sports,” Lachlan Murdoch said. “In 2020, we acquired Tubi and under our stewardship it has become one of the most successful businesses in streaming.
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“Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it.”
Under the deal, existing Fox shareholders will own roughly 73 percent of the combined company, while Roku shareholders will own 27 percent.
Wood said in the release the deal “is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively” for Roku viewers, partners and advertisers.
“That’s why our Board of Directors unanimously determined after concluding its strategic review process that this transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company,” Wood added. “I couldn’t be more excited about what we’ll accomplish together.”
After the transaction closes, Wood will have an ongoing role at the new company and will join the Fox Board of Directors, which also unanimously approved the deal. The release noted that the acquisition is expected to close in the first half of 2027.
The boards of both companies unanimously approved the deal, which will generate roughly $400 million in cost savings, according to the release.
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