Fox Corp Buys Roku for $22 Billion

Fox Corp. has announced a significant acquisition, agreeing to purchase Roku for approximately $22 billion. This deal, valued at $160 per share, represents a major consolidation within the media industry. The proposed combination will bring together Fox's extensive portfolio, which includes its news and sports channels and the free ad-supported streamer Tubi, with Roku's established presence in streaming devices and its own platform, The Roku Channel.

This strategic maneuver follows Fox's divestiture of its entertainment assets to Disney for $71 billion seven years ago. Since then, Fox has focused on its broadcast network, Fox, and its cable news channel, Fox News Channel. The company had previously invested in the streaming wars with its $440 million acquisition of Tubi in 2020, later launching its direct-to-consumer option, Fox One, last year. The current acquisition of Roku signifies a new chapter in Fox's strategy to navigate the dynamic streaming market.