Fox Corporation is buying Roku, the company that makes the software and devices that power many smart TVs in North America, for approximately $22 billion. The deal was announced in June 2026.

This matters because Fox is not just buying a TV manufacturer. Roku controls the operating system — the core software — that runs on millions of smart TVs. Fox already owns Tubi, a free streaming service that carries ads instead of charging a subscription. Now Fox will own both the streaming service and the platform it runs on, much like owning both a grocery store and the shopping mall it sits in.

Roku also owns OneView, an advertising system that connects TV ads to the people watching them. When a viewer sees an ad on their Roku TV, OneView decides which ad to show. With this purchase, Fox gains direct control over that process. It no longer has to pay Roku a cut of the advertising revenue, and it can prioritize its own shows and ads.

What Fox Is Building

Fox is assembling a different kind of streaming business than Netflix or Disney+. Netflix and Disney+ charge subscribers monthly fees. Fox's plan is to keep Tubi free and make money entirely from advertising. By owning the TV software, the devices, and the advertising system, Fox controls the entire pipeline from content to viewer to advertiser.

Tubi has grown rapidly since Fox bought it in 2020 for about $440 million. The Roku deal, worth $22 billion, shows how much bigger Fox's ambitions have become. Owning Roku means Tubi can be displayed prominently on the Roku home screen, and Fox can bundle its sports and news content there directly, without paying Roku fees to do so.

The Regulatory Question

When one company owns both the content and the software that delivers it to millions of people, regulators take notice. The U.S. government has challenged similar deals before. In 2020, when AT&T tried to merge with Time Warner, the government sued over concerns that AT&T's control of both content and the pipe carrying it would hurt competitors. Fox's ownership of Roku and its content raises similar questions: will other streaming services, like Netflix or Disney+, be treated fairly if they want to appear on Roku? Or will Fox give preferential treatment to its own content?

Regulators will need to approve the deal, and that approval process will take time.

The Bigger Picture

This deal reflects a shift in streaming. For years, companies like Netflix, Apple, and Amazon spent enormous amounts on original shows to attract subscribers. That strategy is slowing down now: most households already subscribe to multiple streaming services, and companies are looking for other ways to make money. Fox's bet is that advertising is the future, and controlling the technology that displays ads gives it an advantage. Other streaming services that rely on Roku will now have to decide whether staying on a platform owned by their competitor is worth it.