Fox Corp. is acquiring Roku in a $22 billion deal, combining the media company’s television assets with one of the nation’s largest streaming platforms.

Fox said Monday it will acquire Roku for $160 per share in a cash-and-stock transaction. The combined company would rank as the third-largest player in U.S. television based on share of viewing, according to Fox.

The transaction combines Fox’s portfolio of live programming, including Fox News and broadcasts of NFL, MLB and FIFA World Cup events, with Roku’s streaming platform, which reaches about 100 million households. The deal for Roku, which is based in San Jose, California, is the latest wave of consolidation in the entertainment industry as media companies compete for viewers migrating from traditional television to streaming services.

Fox acquired another streaming platform, Tubi, in 2020.

“Buying Roku is a continuation of Fox’s strategy to expand digital ad revenues through acquisition,” Emarketer senior analyst Ross Benes said in an email. “Through its [automatic content recognition] footprint and the popularity of its operating system, Roku is set to remain a major player in the streaming marketplace for years to come. Acquiring Roku would more than double Fox’s annual [connected TV] ad revenues.”

The Justice Department on June 12 cleared the way for Paramount Skydance, the parent company of CBS News, to buy Warner Bros. Discovery in a $110 billion deal that will combine Paramount+ with HBO Max.

Last year, Walt Disney Co. announced that it would integrate Hulu and Disney+ into a single app. Disney, which has run Hulu since 2019, completed its takeover of the streaming service in 2025.

Some experts have raised concerns that media consolidation could depress pay for industry employees, while raising costs for American consumers due to fewer choices.

Fox’s acquisition of Roku is expected to be completed in the first half of 2027. Once the deal closes, Fox shareholders are expected to own around 73% of the combined company, while Roku shareholders will own approximately 27%, Fox said. 

“It remains to be seen how well the combination of a digitally innovating streaming company will mesh with a media conglomerate rooted in legacy assets,” Benes said. “But the strategy makes sense, and it jibes with the continual consolidation that’s occurring in streaming.”