Fox Corp. to Acquire Roku for $22 Billion

Sunday, June 21, 2026

Fox Corp. announced plans to acquire Roku for about $22 billion, aiming to combine its live content offerings with Roku’s streaming platform that reaches around 100 million U.S. households. The deal is intended to strengthen Fox’s position in the shifting media landscape toward digital streaming, although it faces regulatory approval and has drawn mixed reactions from investors.

Fox Corp. announced plans to acquire Roku in a transaction valued at approximately $22 billion, marking one of the most significant strategic moves by CEO Lachlan Murdoch since he assumed leadership of the company last year. The deal, if approved, would provide Fox with access to Roku’s platform, which streams content to an estimated 100 million households across the United States.

Roku is widely recognized for its streaming devices, distinguished by their black-and-purple remote controls, and for serving as a major hub through which consumers access a variety of streaming content. The acquisition aligns with Fox’s ongoing efforts to expand its presence in the digital streaming market, complementing the company’s earlier purchase of the free streaming service Tubi in 2020 for $440 million.

Fox, which retained its sports, news, and entertainment divisions after divesting parts of 21st Century Fox to Disney in 2019, views the Roku acquisition as a strategic opportunity to integrate its live content portfolio with one of the country’s leading streaming platforms. Lachlan Murdoch described the deal as a combination of “the most valuable live content portfolio in video consumption with the pre-eminent streaming platform through which America watches it.” Both Murdoch and Roku CEO Anthony Wood addressed the deal during a recent earnings call with analysts.

Despite the announcement, the market reaction was mixed. Fox’s shares declined by more than 15 percent following the call and continued to fall over the week, signaling investor hesitation about the size and timing of the acquisition.

Industry analysts have weighed in on the move, with some viewing it as a pivotal step in adapting to shifting consumer behavior. Mike Proulx, vice president at Forrester, noted that the deal positions Fox to better compete in a landscape where audiences are increasingly moving away from traditional television toward streaming platforms. He characterized the acquisition as an effort to “future-proof” Fox’s business by enhancing its scale and digital reach.

The transaction is subject to regulatory approval and other customary closing conditions, with both companies expressing optimism about the potential to reshape the distribution of live and streaming content in the evolving media marketplace.