The essentials
Fox acquires Roku for $22 billion to create third-largest U.S. TV player, closing expected H1 2027.
Fox Corp. has agreed to acquire streaming platform Roku for $22 billion, creating a major player in U.S. television. Under the deal structure, Fox shareholders will own 73% of the combined company while Roku shareholders will hold 27%.
Fox has secured $12 billion in bridge financing to support the transaction. The combined entity is projected to become the third-largest U.S. television player by viewing share and targets $400 million in annual cost synergies from the merger.
Roku will maintain its operational independence following the acquisition. The platform is expected to remain open and partner-friendly, continuing to work with content providers and advertisers. The deal is anticipated to close in the first half of 2027, subject to regulatory approval and customary closing conditions.
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Deal structure and financing details of the $22 billion acquisition
The acquisition values Roku at $22 billion with a 73%-27% ownership split favoring Fox shareholders. Fox's $12 billion bridge financing represents a significant commitment to the transaction. The combined company targets $400 million in annual cost synergies, indicating planned operational efficiencies through the merger integration.
Combined company to reshape U.S. streaming and television landscape
The merger creates a third-largest U.S. television player by viewing share, consolidating Fox's traditional broadcast strength with Roku's streaming platform presence. Roku's commitment to remaining open and partner-friendly suggests the combined entity will continue serving multiple content providers rather than operating as a closed ecosystem, maintaining competitive dynamics in streaming distribution.