The streaming wars took another dramatic turn in 2026 as media giants continued to battle fiercely. With companies seeking new ways to reach viewers and make ad revenue, scale has never been more important. Amidst this, Fox Corp announced a $22 billion deal to buy Roku, one of the world’s largest platforms for connected TV. The proposed acquisition would unite two major players from different corners of the modern television ecosystem. 

The blockbuster media merger could reshape the future of streaming as traditional television powerhouses double down on digital growth. 

Fox takes major step into streaming through Roku merger

In a blockbuster media deal, Fox Corp has announced plans to acquire streaming platform Roku in a transaction valued at approximately $22 billion. The deal is expected to close in the first half of 2027. It will combine Fox’s sports, news, and entertainment with the platform that has more than 100 million subscribers, the companies said in a statement Monday.

The agreement would also combine Roku’s connected TV ecosystem, which reaches around 100 million streaming households globally. Under the terms of the agreement, Roku shareholders will receive $160 per share through a mix of cash and Fox Class A stock. After the deal closes, Fox investors will own about 73% of the combined company, while the remaining 27% will be owned by Roku shareholders.

The development is a major expansion of Fox’s streaming ambitions. If approved by regulators and shareholders, it could reshape the competitive landscape of the television and digital advertising industries. Nevertheless, Roku founder and CEO Anthony Wood will stay involved with the combined company and join Fox’s board. The merger is expected to create significant cost savings and expand Fox’s footprint in high-growth digital areas. 

Meanwhile, Roku’s reach across more than 100 million streaming households made it a highly attractive acquisition target. 

Roku’s vast streaming reach made it a valuable target for Fox

Roku’s connected TV platform is in over half of all U.S. broadband households. Meanwhile, Fox, which recently reportedly cancelled Family Guy after 27 seasons, has a strong portfolio of live programming, including major sports rights to the NFL, MLB, NASCAR, Big Ten, and FIFA World Cup. The company also owns top-tier news brands such as Fox News and Fox Business, giving the combined entity a huge footprint in television and streaming.

Its streaming devices allowed consumers to stream content from apps, including Netflix and HBO Max from their televisions, essentially transforming any TV into a smart TV. The company also sells branded TVs and projectors, and has its own streaming channel. The platform segment generated $4.1 billion, or 87.5%, of the company’s revenue last year, slightly more than the previous year.

Fox’s proposed acquisition of Roku is more than just a major media merger; it represents a portion of the future of television. The companies will look to capitalize on the ongoing shift away from traditional cable by combining Fox’s premium live sports and news portfolio with Roku’s huge streaming and advertising ecosystem. Now, as the media landscape continues to evolve, the success of the deal will ultimately depend on how effectively the two companies integrate their strengths. 

Could the Fox-Roku merger become the most influential media deal of the streaming era? Let us know in the comments.