It seems like the Murdochs couldn’t let the Ellisons have all the fun.
Fox Corporation has agreed to buy Roku in a $22 billion deal, the companies announced Monday.
The deal will bring Roku under the Fox umbrella, which already includes the Fox broadcast network, Fox Sports, Fox News, and the free ad-supported streaming service Tubi. Under the terms of the deal, Fox is buying Roku for $160 per share through a mix of cash and Fox stock.
The companies said the deal will benefit both sides by combining Fox’s content with Roku’s streaming platform, first-party data, and reach. According to a press release, Roku serves more than 100 million global streaming households, including more than half of all U.S. broadband households. The companies claim the combined company will become the third-largest player in U.S. television by share of viewing.
Lachlan Murdoch, the son of Rupert Murdoch, currently runs Fox and serves as chair of News Corp., the parent company of several major right-leaning news organizations, including The Wall Street Journal and the New York Post. He said the deal is a defining moment for Fox.
“Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it,” Murdoch said in a statement. “This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile.”
The deal continues the trend of media companies consolidating into massive conglomerates. Paramount, the parent company of CBS, Paramount Pictures, MTV, and Nickelodeon, was acquired by Skydance Media in 2025 in a deal backed in part by Trump ally and Oracle billionaire Larry Ellison. His son, David Ellison, became CEO of the combined company, now called Paramount Skydance. Just last week, Paramount Skydance received a green light from the U.S. Justice Department to acquire Warner Bros. Discovery, though that deal still needs other regulatory approvals.
The Roku deal also comes as streaming continues to take over traditional broadcast and cable TV. Nielsen reported that in March, streaming accounted for roughly 48% of TV viewing in the U.S., compared with about 20% for broadcast TV and 21% for cable. Within streaming, YouTube accounted for the largest share of TV viewing that month at 13%, followed by Netflix. at 8%. The Roku Channel accounted for 3% of TV viewing that month.
The acquisition of Roku is the Murdochs’ biggest streaming move yet. Fox has been one of the slowest traditional U.S. broadcast networks to fully jump into streaming. The company bought Tubi in 2020 for $440 million, but it didn’t launch its own paid streaming platform, Fox One, until 2025.
For comparison, NBC launched Peacock in 2020, while CBS launched CBS All Access, which later became Paramount+, back in 2014.
Tangentially, the liberal Murdoch son, James Murdoch, bought half of Vox Media last month.
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