Fox Makes $22B Roku Acquisition Bet

And just like that, another major streaming consolidation deal is in the works. Fox Corp. has agreed to acquire Roku in a $22 billion cash-and-stock deal, bringing together one of the largest owners of live sports and news with one of the most widely used connected TV platforms. The deal gives Fox access to more than 100 million streaming households, Roku’s operating system, its advertising platform, and its streaming service. It is expected to close in 2027 pending regulatory and shareholder approval.

Fox + Roku Will Command Free Ad-Supported Streaming (FAST)

Fox’s acquisition of Roku helps the company close a strategic streaming gap from content supplier to platform owner. It’s been the only major broadcast network without a scaled streaming anchor to match Disney+, Peacock, or Paramount+. Roku brings scale, data, and its operating system and Fox brings premium live sports and news, creating a closed-loop connected TV advertising engine.

This move gives Fox traction in streaming through a backdoor that’s not getting enough attention. As consumers get more price pinched, free ad-supported streaming is gaining a lot of ground. Fox-owned Tubi, for example, saw a four-point year-over-year gain in monthly users, rising from 18% to 22%, making it more popular than, premium steamer, Apple TV at 21%, according to Forrester’s 2026 consumer benchmark survey. Add The Roku Channel and Fox will control two of the largest FAST services, giving it a material foothold in one of the fastest-growing segments of streaming.

The bigger play, here, is advertising revenue, something all the major streamers are now jockeying for. This deal accelerates Fox into that shift with built-in audience scale. With 2026 shaping up as a defining year of streaming consolidation, the market shift is that streaming is no longer just about quality content slates. It’s about controlling the full stack. If this deal closes, Fox will control more of what viewers watch, how they discover it, and how it gets monetized.

Forrester clients: Let’s chat more about this via a Forrester guidance session.