Fox Corporation finalized a $22 billion deal to acquire Roku, paying $160 per share in cash and stock.

The merger, set to close next year, blends Fox’s media assets—Fox News, Sports, and other outlets—with Roku’s streaming hardware and its channel’s original content.

Shares fell sharply after the announcement, with Fox down over 15% and Roku slipping 1%, while the Nasdaq Composite rose 2%.

The transaction signals a consolidation trend in streaming, positioning Fox to leverage Roku’s platform for broader distribution of its programming.