Fox Buys Roku for $22 Billion to Merge Content, Hardware, and Ad Technology

Fox Corporation is acquiring Roku for $22 billion in a cash-and-stock deal, folding the smart-TV platform's operating system and ad-decisioning technology into Fox's content library, sports rights, and Tubi FAST service. The combined entity will compete on ad-supported revenue and audience reach rather than subscriptions, controlling the entire chain from device to ad placement.