Fox Corporation is buying Roku for $22 billion. The deal comes as roughly 90 million people use Roku devices and software in the United States, according to a joint press release from June 15, 2026.

The acquisition is expected to close in the first half of 2027, pending regulatory approval. Roku will continue to operate as its own company within Fox, a choice designed to keep it neutral and fair to all TV content providers.

Why does Fox want Roku? Think of it this way: Roku is the software and devices that let people navigate what to watch on their televisions. Fox owns major sports events, the Super Bowl, news channels, and regional sports networks. By owning Roku, Fox now controls both the content people want to watch and the system through which they find it on their TV screen.

Roku has had a tough few years. Digital advertising has slowed, and big competitors like Amazon (which owns Fire TV) and Google (which owns Google TV) have been stronger. A $160 share price, with $96 in actual cash and the rest in Fox stock, gives Roku shareholders a lifeline.

What makes Roku valuable to Fox is less about the physical devices Roku sells and more about the data and business that come with them. Roku knows who uses its service and what they watch. In a world where traditional ways of tracking internet users have disappeared, that information is rare and useful.

Larger media and technology companies have been buying up platforms like this for years. Amazon has its content, its Fire TV devices, and its ad business. Google has YouTube, Google TV, and its own ad tools. Apple has the same thing. Fox, with Roku, now joins that club — owning the whole chain from content to the device in your living room.

There is one big challenge ahead. If Roku starts favoring Fox's shows and making it harder to find content from other companies, people and other streaming services might switch to platforms owned by Samsung, LG, or other TV manufacturers instead. That would defeat the purpose of Fox's $22 billion investment. Fox will have to prove it can own Roku while still treating all content companies fairly.

Government regulators will also need to approve the deal. They are still figuring out whether it is okay for one company to own both the content and the system that distributes it to your home. That answer could affect whether this deal actually closes.

For now, both companies have announced the plan. Making it work is the real task ahead.