Fox Targets Streaming Dominance With $22 Billion Roku Acquisition

The merger unites Fox’s broadcast assets, including its flagship network and Fox News, with Roku’s expansive streaming ecosystem. By integrating its free ad-supported platform Tubi with The Roku Channel, Fox aims to capture a larger share of digital viewers who have migrated away from traditional cable packages. Investors reacted sharply to the news, sending Fox shares down 13% in premarket trading, while Roku saw a 2% uptick.

This acquisition represents a significant shift for a company that shed its entertainment division in a $71 billion sale to Disney in 2017. Since that divestment, Fox has struggled to find a foothold in the streaming wars. After purchasing Tubi for $440 million in 2020 and launching its direct-to-consumer service Fox One last year, the company now seeks to bypass platform gatekeepers by owning the hardware interface itself.