Fox has announced that it is acquiring Roku in a deal worth approximately $22 billion, with the aim of strengthening its digital presence, reducing the need for traditional TV, and securing its future in the industry.
Roku is currently one of the largest players in the market, with its platform connected to over 100 million households worldwide. For Fox, the deal provides immediate access to Roku's services and massive user base, which can now be integrated with platforms like Tubi.
Following the merger, their combined operations will be the third-largest in the U.S. in terms of viewership. Fox CEO Lachlan Murdoch describes the deal as an important strategic step and says:
"This is a defining moment for Fox, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade. In 2019, we reoriented the company around live news and sports. In 2020, we acquired Tubi, and under our stewardship it has become one of the most successful businesses in streaming. Today, we take the next step"
The deal is expected to close early next year, but must first be approved by regulators and shareholders.