Fox Corp. completed its $22 billion purchase of Roku, a leading smart TV company. This deal, initially announced in June, positions Fox more prominently in the Hollywood streaming wars, years after it divested 21st Century Fox to Disney.
Lachlan Murdoch, executive chair and CEO of Fox Corp., emphasized the commitment to serving audiences and partners while maintaining Roku’s platform openness and choice in a news release.
Fox’s acquisition boosts its presence in the ad-supported streaming market as major platforms adopt advertising to enhance their subscription models. Preceding this, Fox owned Tubi, a key player in free streaming, and now gains ownership of the Roku Channel.
This cash-and-stock agreement is now officially enacted, with Roku shares presently paused on the Nasdaq stock exchange.
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