Fox Corporation is buying Roku for $160 per share, a deal valued at roughly $22 billion. This merger combines Fox's broadcast channels and Tubi with Roku's hardware and operating system. By integrating these assets, Fox gains a direct pipeline into 100 million households that already use Roku's streaming sticks and smart TVs.

Financials show that Roku's hardware is a drag, losing $19.1 million in the quarter ending March 31, 2026. However, the operating system and ad business are the real prizes. Roku's advertising and subscriptions generated a gross profit of $584.1 million in that same period, with ad revenue alone hitting $371 million.

This deal moves Fox up the rankings in total TV usage. By combining Fox's 7.2 percent share with The Roku Channel's 3 percent, the combined entity becomes the third-largest player in US television. This puts them behind only YouTube and Disney, surpassing NBCUniversal in total viewing share based on March Nielsen data.