Fox Corp.’s planned $22 billion purchase of Roku Inc. would pair Fox’s live sports, news and entertainment content with Roku’s reach across smart TVs and streaming devices. In a consolidating media industry, a combined entity could be better positioned to battle for advertising dollars, especially on the streaming side.
โค Fox and Roku generated a combined $21.32 billion in revenue in calendar year 2025, including $9.31 billion in advertising revenue. Growth in ad revenue could accelerate as Fox leverages Roku’s existing advertiser relationships and first-party data to boost monetization of ad inventory across both linear and streaming platforms.
โค Fox’s streaming subscription services FOX Nation and FOX One would likely benefit from prominent placement across Roku’s more than 100 million global streaming homes. Roku owns a pair of subscription video services itself โ Howdy and FrndlyTV โ that could get a boost from the addition of Fox content.
โค The combined entity would also control two of the most popular free, ad-supported TV (FAST) platforms in Tubi and The Roku Channel (aff). S&P Global Market Intelligence Kagan estimates that the US FAST sector generated $3.9 billion in ad revenue in 2025, with Tubi and The Roku Channel (aff) accounting for nearly two-thirds of that total between them.
โค On the devices front, Fox is buying the most widely used streaming operating system in the US and the most lucrative platform for smart TVs and streaming devices.
While Fox has invested in streaming in recent years, primarily via Tubi and FOX One, its traditional linear business still represents the majority of revenue. A focus on live sports and news has insulated it from some of the impacts of cord cutting, and its adjusted EBITDA has remained healthy, with $954 million in adjusted EBITDA in the first calendar quarter of 2026 growing by 11.4% versus the prior year quarter.
Roku may be known for its devices and smart TVs, but devices and other…