A $22bn bet on the future of television: that is what Fox's takeover of streaming platform Roku represents. The deal, announced on 15 June 2026, will create the third-largest player in US TV by share of viewing, as traditional broadcasters scramble to adapt to a world where audiences increasingly watch on-demand rather than at scheduled times.
At its simplest, Fox is buying Roku, the company whose operating system powers more than 100 million households' streaming devices worldwide. Roku was one of the first firms to bring services like Netflix and Amazon Prime to TVs, and its platform now carries both its own free channel and apps from rivals. Fox will pay $160 per share in cash and stock, valuing Roku at $22bn (£16bn). The deal has been approved by both companies' boards and is expected to close in the first half of 2027.
“Why Fox is buying Roku in a $22bn streaming deal and what it means for TV's future.”
Why is this happening? Fox has long relied on cable TV – its sports line-up and Fox News channel are ratings giants – but more Americans are cutting the cord every year. In 2019, Fox sold its film and entertainment assets to Disney and refocused on live news and sports. In 2020, it bought Tubi, a free ad-supported streaming service. Now, by adding Roku, Fox gains a dominant platform for streaming distribution, a growing advertising business (Roku's ad revenue hit $613m in the first quarter, up 27%), and valuable data on viewer habits. Fox CEO Lachlan Murdoch called it "a defining moment", bringing together "the most valuable live content portfolio ... with the preeminent streaming platform". The combined firm expects to save $400m annually through efficiencies.
For UK readers, this deal might feel like a distant corporate story, but it reflects two trends that directly affect British viewers. First, the shift from broadcast to streaming is not just an American phenomenon: UK broadcasters like the BBC and ITV have launched iPlayer and ITVX, while cord-cutting is accelerating here too. Second, advertising money is moving online – consultancy Madison and Wall predicts $20bn of ad spending on streaming platforms by 2029, nearly matching traditional TV. So the battle for your screen is also a battle for advertisers' budgets, and that shapes what content gets made. While Roku's presence in the UK is smaller than in the US, its operating system is found in smart TVs sold here, and the acquisition could influence which apps and channels are promoted on those devices.
Q: How much is Fox paying for Roku? Fox is offering $160 per share, a mix of cash and stock, valuing Roku at about $22bn (£16bn). Roku shareholders will receive $96 in cash and roughly 0.97 Fox Class A shares for each Roku share they own.
Q: What does Fox actually get from the deal? Fox gets access to Roku's platform, which is used by over 100 million households globally. That means a direct relationship with viewers, rich data for targeted advertising, and a home for its Tubi streaming service. The combined company becomes the third-largest player in US television by viewership, behind only Netflix and Amazon.
Q: Will this affect what I watch in the UK? Indirectly, yes. Roku's operating system is built into many smart TVs sold in the UK, and the Fox-Roku combination could influence which streaming apps are featured. Any shift in advertising dollars or content strategy may eventually ripple into international markets, including the UK.
What happens next? The deal still needs regulatory approval beyond the board sign-off, with a target closure in early 2027. Fox will fund the cash portion through new debt and cash on hand. Roku's stock traded below the offer price at $147.50 after the announcement, signalling some investor uncertainty. Meanwhile, rivals like Amazon Fire TV, Google TV and Apple TV will be watching closely as the competitive landscape reshapes.