Fox Corporation has agreed to acquire Roku Inc. for $22 billion, aiming to expand its presence in smart TVs and advertising.

The deal will unite Fox's broadcast channels with Roku’s own FAST service and streaming hardware, enhancing the company's reach into households using Roku's platform, which serves over 100 million homes.

The most valuable asset for Roku isn't its hardware—it lost $19.1 million in Q1 2026—but its operating system (Roku OS) and advertising business, which generated a gross profit of $584.1 million that quarter with advertising alone pulling in $371 million.

Anthony Wood, CEO of Roku, said the merger will help scale operations faster than they could as an independent company. The combined entity aims to be the third-largest player in US television by share of viewing, behind YouTube and Disney, according to Nielsen data from March 2026.