Streaming wars just got a major new player.
Media giant Fox is buying Roku in a deal worth $22 billion — and the companies say it will create the third-largest player in US TV by share of viewing.
The Deal in Numbers
Fox is offering $160 per share for Roku, made up of a mix of cash and stock.
That values Roku at $22 billion, or roughly £16 billion.
| Detail | Figure |
|---|---|
| Price per share | $160 |
| Total deal value | $22 billion (£16bn) |
| Payment structure | Cash + stock |
Why Fox Wants Roku
Roku isn't just another streaming app. It's the biggest streaming platform for smart TVs in the US, running on more than a quarter of all internet-connected devices in the country, according to research firm Park Associates.
Globally, more than 100 million households use Roku to stream.
It was also one of the first companies to bring streaming to mass audiences — its operating system gives users access to apps like Netflix and Amazon Prime, plus its own free channel.
What Fox CEO Lachlan Murdoch Said
Fox's chief executive didn't hold back on how big this moment is for the company.
"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 Murdoch said.
He pointed to two earlier moves that set the stage for this deal: Fox's 2019 decision to focus heavily on live news and sports, and its 2020 acquisition of streaming service Tubi.
"In 2019, we reoriented the company around live news and sports. In 2020, we acquired Tubi and under our stewardship it has become one of the most successful businesses in streaming," he said.
He described this latest move as the next logical step: "bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it."
What Happens to Tubi and the Roku Channel?
This is where things get interesting for viewers.
Roku has its own free streaming service for films, TV shows, and live news, called the Roku Channel.
Under this deal, the Roku Channel will combine with Fox's existing streaming service, Tubi, to form a much bigger free streaming platform — one big enough to rival giants like Netflix and Amazon.
In short: two free streaming services are merging into one larger one, backed by Fox's news and sports content.
Roku's Own Shows
Beyond being a platform for other apps, Roku has also been producing its own original content.
This includes The Reunion: Laguna Beach, a reunion special based on the MTV reality series that ended back in 2006, and Honest Renovations, a home renovation show hosted by Jessica Alba and Lizzy Mathis.
These productions will now become part of Fox's growing content library.
The Bigger Trend: Money Is Moving to Streaming
This deal isn't happening in a vacuum. It comes as advertisers are pouring more and more money into streaming platforms.
Consultancy Madison and Wall predicts that streaming ad spending will hit $20 billion by 2029 — getting close to what's spent on traditional TV advertising.
By combining Fox and Roku's scale, the merged company will be in a stronger position to compete for that advertising money against bigger rivals.
Who Are Roku's Rivals?
Roku's main competitors in the smart TV streaming space include:
Amazon's Fire TV.
Google TV and Chromecast.
Apple TV.
Samsung's Tizen.
After this deal, Fox-owned Roku will be going head-to-head with these platforms — but now with the added weight of Fox's news and sports content behind it.
Live Sports and News Still Matter
Even as the industry shifts away from fixed TV schedules toward on-demand streaming, Fox made clear that one thing isn't changing — its commitment to live content.
Announcing the deal, Fox highlighted how viewers have moved away from waiting for scheduled TV shows in favour of streaming whenever they want. But the company stressed what it called "the enduring primacy of live sports and news."
In other words: people may stream their dramas and comedies on their own schedule, but live sports and breaking news still draw audiences in real time — and that's exactly the kind of content Fox is known for.
What This Means Going Forward
By combining Roku's massive reach into American living rooms with Fox's strength in live news and sports, the merged company is positioning itself as a serious challenger in the streaming space — one big enough to be counted among the top three players in US TV by share of viewing.
For viewers, this likely means a bigger combined free streaming platform (Tubi + Roku Channel), continued access to apps like Netflix and Amazon Prime through Roku devices, and a heavier focus on live sports and news content within the Roku ecosystem.
For advertisers, it means a single, larger platform with both on-demand content and live programming — exactly the kind of combination that's becoming more valuable as ad budgets shift away from traditional TV.
This news is brought to you by the WealthBlueprint NewsDesk.