Fox’s $22 B Acquisition of Roku Makes It Third‑Largest US Media Company

Media conglomerate Fox, controlled by Rupert Murdoch, agreed to purchase streaming platform Roku for about $22 billion. The deal will combine Fox’s Tubi service with Roku’s operating system, which is embedded in millions of smart televisions, creating the third‑largest media company in the United States and giving Fox a dominant position in connected‑TV distribution.

Analysts note that the acquisition secures Fox’s control over the discovery and recommendation layer of streaming, a shift from competing on content to owning the platform that delivers it. By merging Roku’s ad‑supported streaming channel with Fox’s Tubi, the combined entity will rival Disney+ in U.S. screen‑time share. The transaction has sparked concerns about media consolidation, user‑data access, and potential impacts on free speech and democratic discourse.

Fox’s shares fell sharply after the announcement, while Roku’s stock slipped modestly, reflecting investor uncertainty about the strategic value and regulatory scrutiny of the $22 billion merger.