A new challenger is entering the streaming wars. In this edition of Your M&A and Corporate Partner, Connie Phelps tunes in to the recent announcement that Fox Corporation is acquiring Roku and breaks down what makes this deal a strategic move for the media titan.
Roku recently announced it had entered into a $22 billion deal to be acquired by Fox Corporation, following a search for buyers that began in early 2026. As a legacy media company, Fox maintains a robust live television portfolio that includes National Football League (NFL), Major League Baseball (MLB), NASCAR, Big Ten Network, FIFA, Fox News Media, and Fox Business Network content. Fox also acquired Tubi, a free, ad-supported streaming platform with licensed and original content, for $440 million in 2020, which it runs independently from its broadcast content.
Roku is the leading TV streaming platform and, as of April 2026, surpassed 100 million streaming households worldwide. In addition to its own programming, it offers a widely adopted operating system and user interface, Roku OS, that is available on many smart TVs. Users can access their streaming subscriptions to services like Netflix, Hulu, Peacock, Disney+, and more straight from their Roku home screen. This home screen, and the content and ads it suggests, are the first things users see when they turn on their televisions.
The announcement of the Roku acquisition indicated that the company will continue to operate as an open platform that hosts additional streaming services, but Fox’s ownership could lead to more in-house or partner content being promoted to users, even as other streaming options remain available.
The multibillion-dollar deal was unanimously approved by both boards and is expected to close in the first half of 2027, pending regulatory approval.
What Can Businesses Learn From This?
The most valuable asset Fox is acquiring is not Roku’s content library, but instead the distribution, audience access, and advertising opportunities it has already cultivated.
Rather than build from the ground up, this deal provides Fox with an opportunity to enter the competitive digital ecosystem through an established pathway. Business growth can take many forms, and this strategic acquisition is jump-starting Fox’s entrance into new markets. Businesses looking to expand should explore different avenues of growth, including strategic acquisitions, to determine what works best for their long-term goals.
Interested in learning how strategic acquisitions can help your business grow? Contact M&A and Corporate lead Connie Phelps at cphelps@berenzweiglaw.com.
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