New York, New York - Fox Corporation on Monday announced it would acquire Roku in a cash and stock deal that values the streaming giant at $22 billion.
"The transaction combines FOX's leading sports, news and entertainment content and the Tubi service, with Roku's leading connected TV platform, The Roku Channel, first-party data and direct relationship with more than 100 million global streaming households," the companies said in a joint statement.
Roku shareholders would receive cash and Fox stock under the deal valued at $160 per share, the statement said, with the transaction expected to close in the first half of 2027.
California-based Roku rose to prominence in the early days of streaming with its plug-in devices and is now a major player in smart TV operating systems, earning the vast majority of its revenue from advertising and other platform-related services.
It also has its own advertising-supported streaming channel, a competitor to Fox's Tubi.
"FOX and Roku are committed to continuing to operate Roku as an open, partner-friendly platform and to the continued ubiquitous distribution of FOX content," the companies said.
Roku generated $4.7 billion in revenue in 2025, with approximately $88 million in profit.
Shares in the company soared over 20% on Friday after Bloomberg reported that it was holding discussions about a potential sale.