Fox is buying Roku for roughly $22 billion, paying $160 per share. The deal merges Fox’s broadcast lineup—Fox, Fox News, Fox Business, FS1—and its streaming assets like Tubi with Roku’s operating system, The Roku Channel, and its streaming‑stick and smart‑TV hardware.
Roku’s hardware lost $19.1 million in the March 2026 quarter, but its OS and advertising arm generated $584.1 million in gross profit, with ads alone bringing in $371 million. By bundling Fox’s content and ad inventory with Roku’s platform, the combined entity can sell ads across a larger smart‑TV footprint, which already reaches 100 million households.
The move gives Fox a direct route to the growing FAST market and a sturdier share of TV‑screen ad dollars, while Roku gains premium content and a broader distribution pipeline. It also tightens the lines between traditional broadcast and streaming, a space that has been blurring for years.
If the merger delivers on its promise, Fox could become the biggest ad‑seller on smart TVs, but integrating two very different businesses may prove tougher than the headline price suggests.