Fox Corp. has agreed to acquire streaming platform pioneer Roku in a transaction valued at approximately $22 billion, including debt, marking a significant move in the evolving media landscape. The deal, announced on June 15, will provide Fox with access to over 100 million households worldwide through Roku’s platform, as well as the Roku Channel and its first-party consumer data.

Roku, founded by CEO and chairman Anthony Wood, emerged from technology developed during his early work with Netflix in the 2000s, a period when Netflix was transitioning from DVD rentals to streaming services. The company launched its first set-top box in 2008 after separating from Netflix and has since become a major player in streaming hardware and software.

Under the terms of the agreement, Roku will continue to operate as an independent, open platform, maintaining its partner-friendly business model. Both companies project that the combined entity will represent the third-largest segment of U.S. television by viewing share, bolstering its competitive position among established broadcasters and streaming services.

Lachlan Murdoch, CEO of Fox Corp., emphasized the strategic benefits of pairing Fox’s substantial live news and sports portfolio with Roku’s streaming technology and audience reach. The integration is expected to expand Fox’s footprint in digital advertising and subscription-based streaming, enabling more direct engagement with viewers.

Wood expressed optimism about the deal, highlighting the opportunity to accelerate Roku’s growth and innovation. He also confirmed that he will continue to play an active role at the company and will join Fox’s board of directors once the transaction is complete.

Fox, which previously acquired the ad-supported streaming service Tubi in 2020, is expanding its presence in the streaming sector amid increasing competition from both traditional media companies and newer digital entrants. The acquisition is subject to regulatory approval and is anticipated to close in the coming months.