Murdoch’s Fox agrees to buy Roku for $22 billion in cash and stock deal

Fox Corporation is reportedly looking to buy Roku at $160 per share, a deal that would value the streaming platform at roughly $22 billion. If it goes through, this would represent one of the most significant media consolidation moves in recent memory, combining Fox’s content empire with Roku’s dominant streaming distribution footprint.

The backdrop here matters. On June 12, Roku announced it was exploring strategic options, including a potential sale of the company. Shares jumped 22% on that news alone.

What we know, and what we don’t

While the $160-per-share figure and $22 billion valuation have circulated widely, no confirmed acquisition agreement between Fox and Roku has been publicly verified. Roku is reportedly in discussions with multiple media companies, meaning Fox may be one of several suitors at the table.

What is confirmed is that the two companies have been getting cozier. On May 26, Roku launched FOX One as a premium subscription tier on The Roku Channel, priced at $19.99 per month. The service gives subscribers exclusive access to Fox’s sports and entertainment content, including coverage of the 2026 FIFA World Cup.

Why Roku is a prize worth chasing

Roku isn’t just another streaming app. The platform reaches over 90 million US households. In 2025, Roku devices delivered 145 billion streaming hours.

Fox has historically been a content-first company. Its portfolio spans news, sports, and entertainment, but it lacks the direct-to-consumer distribution infrastructure that companies like Disney (with Disney+ and Hulu) or Comcast (with Peacock and its cable footprint) have built.

What this means for investors

For Roku shareholders, the 22% pop on the strategic review announcement suggests the market believes a premium offer is realistic. A $160 per share bid would represent a significant premium to where the stock was trading before the news broke. With multiple media companies reportedly in the mix, there’s a scenario where a bidding war pushes that number higher.

Investors should watch for two things in the near term: whether Roku confirms formal negotiations with Fox specifically, and whether competing bids emerge from other media companies.

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