Fox Corporation today announced a definitive agreement to acquire Roku, Inc. for $160.00 per share in a combination of cash and stock, valuing the connected television platform at approximately $22 billion in enterprise value. The deal, announced June 15, 2026, combines two companies that have been quietly moving toward each other for years – and it reshapes the competitive landscape for every advertiser, agency, and ad-tech company operating in streaming. Nothing quite like it has happened in U.S. television in years.
The transaction unites FOX’s live sports and news portfolio with Roku’s position as the number one TV streaming platform in the United States, Canada, and Mexico by hours streamed, according to Hypothesis Group data cited through December 2025. It also brings together two of the largestย free ad-supported streamingย services in the U.S.: Tubi, owned by FOX since 2020, and The Roku Channel (aff), operated by Roku itself. The combined company is expected to become the third-largest player in U.S. television by share of viewing on a pro forma basis, according to Fox Corporation – trailing only YouTube and Disney in total monthly U.S. television viewership as measured by Nielsen Gauge data from March 2026. The combined FOX and Roku share stands at 10.2%, compared to YouTube at 13.2% and Disney at 10.5%, according to the investor presentation filed today.
The deal structure in full
Under the terms of the agreement, FOX will pay $96.00 in cash and 0.9693 shares of FOX Class A common stock for each Roku Class A and Class B share outstanding immediately prior to the merger’s effective time. The stock component was calculated using a reference price of $66.03 per share – the 10-day volume-weighted average price of FOX Class A common stock as of June 10, 2026 – representing $64.00 in stock per Roku share. In total, the consideration is comprised of 60% cash and 40% stock, according to Fox Corporation’s investor presentation.
The $160.00 per share price implies a…