Fox Corporation has made one of the biggest moves in modern media history, announcing a $22 billion acquisition of Roku in a deal that dramatically expands the company’s footprint in the streaming space and potentially reshapes how millions of Americans consume television.
According to reports, Fox will acquire a controlling interest in Roku, with Fox shareholders ultimately owning 73% of the combined company while Roku shareholders retain the remaining 27%. The transaction is expected to close in 2027, pending regulatory approvals and other customary conditions.
For Fox CEO Lachlan Murdoch, the acquisition represents far more than simply buying a streaming platform. It’s a bid to position Fox at the center of both traditional television and the rapidly evolving streaming ecosystem.
Fox Gains Enormous Streaming Reach
While Fox is often associated with live sports, cable news, and broadcast television, Roku gives the company direct access to one of the largest streaming distribution networks in the United States.
Roku’s operating system powers a significant percentage of smart televisions sold in North America, while its streaming devices remain among the most popular on the market. The company has become a gateway through which millions of viewers access services ranging from Netflix and Disney+ to YouTube and countless ad-supported channels.
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That distribution reach is arguably Roku’s greatest asset.
Fox already controls some of the most valuable live programming in media, including NFL football, Major League Baseball, NASCAR, college sports, and FIFA World Cup broadcasts. By pairing that content portfolio with Roku’s massive platform, Fox gains unprecedented opportunities to place its programming directly in front of consumers.
In a statement announcing the deal, Fox described the merger as creating a “scaled next-generation media and technology company” positioned at the intersection of live programming and streaming growth.
Tubi and Roku Under One Roof
The acquisition also gives Fox control over two major ad-supported streaming businesses.
Fox already owns Tubi, which it acquired in 2020 for approximately $440 million. At the time, many analysts viewed the purchase as a relatively low-risk investment in the future of streaming. That gamble appears to have paid off, with Tubi growing into one of the largest free streaming services in the world.
According to recent reports, Tubi now boasts more than 100 million monthly active users.
The Tubi Logo – Tubi
With Roku joining the fold, Fox will control both Tubi’s on-demand ad-supported streaming model and Roku’s extensive FAST ecosystem.
FAST, or Free Ad-Supported Streaming Television, functions much like traditional cable, offering scheduled channels supported entirely through advertising. Tubi, meanwhile, focuses primarily on AVOD content, allowing users to watch movies and television shows on demand without paying subscription fees.
Fox executives have reportedly described the two services as complementary rather than competitive, suggesting there are currently no plans to dramatically alter either platform.
A Defining Moment for Fox
Lachlan Murdoch characterized the acquisition as a defining moment for the company.
His argument is straightforward: Fox already owns some of the most valuable live content in television. Roku gives the company one of the most powerful distribution systems in streaming.
Together, that combination could make Fox significantly more competitive against larger media rivals that have invested billions trying to dominate streaming.
Logos for YouTube, Disney+, Paramount+, HBO Max, Peacock, Apple TV, and Netflix – YouTube; Disney; Paramount; HBO Max; Peacock; Apple TV; Netflix
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Unlike Disney, Warner Bros. Discovery, Comcast, and Paramount, Fox largely avoided the expensive streaming wars that consumed much of Hollywood over the last decade. Instead, the company focused on live programming, sports rights, and profitable advertising businesses.
Now Fox appears to be taking a different approach.
Rather than spending tens of billions building a streaming platform from scratch, the company has purchased one that already reaches over half of broadband-connected households in the United States.
What This Means for the Streaming Industry
The acquisition could have implications far beyond Fox and Roku.
Streaming has increasingly become a battle for both content and distribution. While many companies own popular shows and films, far fewer control the platforms through which viewers access them.
By acquiring Roku, Fox instantly becomes a much larger player in that battle.
The company gains direct access to consumer viewing habits, advertising opportunities, streaming infrastructure, and one of the most recognizable brands in connected television.
A Roku Home Screen – Roku
At the same time, Fox and Roku have emphasized that Roku will remain an open platform that continues distributing content from a wide range of partners.
Whether that remains unchanged over the long term will be closely watched throughout the industry.
Fox has now made one of the boldest moves in media in recent years. If the deal closes as expected, the company will emerge with an expanded presence in streaming, advertising, live television, and content distribution—creating a media powerhouse that could significantly influence the future of television.
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