The Fox Corporation announced it will be acquiring Roku, best known for its streaming device ecosystem. Subject to approval, Fox will pay about $22 billion for Roku, or $160 per share. 

“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,” CEO and Executive Chair of Fox, Lachlan Murdoch, said in a statement. “Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it. This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile.”

The two companies claim that Roku will still operate as its own “partner-friendly platform.” The Roku Channel currently serves over 100 million households worldwide. Fox states that it will have a greater scale with Roku, reaching audiences for live content and streaming. It also gives Fox access to the “high growth” area of advertising and streaming subscriptions. On this note, the company points to the deal enhancing its “long-term growth profile” across streaming and TV.

Fox is paying with a combination of cash and some of its Class A common stock. Roku CEO and founder Anthony Wood said in the release.”I’m incredibly proud of what our team has built and the combination with Fox is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers.” The companies claim that combined, it would create the third-largest entity in US TV based on viewer share and yes, the deal is subject to regulatory approval.

Roku just updated its homescreen last month — the first time it’s done so in a decade. It brought features like increased personalization and a “top picks” section, but overall it doesn’t look hugely different.