A Broadcaster Buys the Living Room: Fox’s $22B Bet on Roku
Fox’s $22 billion move for Roku is a legacy broadcaster buying its way into the streaming era.
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.
On June 15, 2026, Fox decided the fastest way into the living room was to buy the device already there.
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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