Fox to Buy Roku Streaming Service in $25 Billion Deal

Fox Corp. is acquiring Roku in a deal valued at around $25 billion, making a major bet on the future of ad-supported streaming. The deal—Fox’s largest to date—brings together a media company known for its live news and sports programming with the biggest provider of streaming platforms for connected TVs. It will add scale to Fox’s streaming business, currently home to free, ad-supported streaming service Tubi, which the company bought for $400 million in 2020, and subscription-based Fox One and Fox Nation. In addition to distributing other streaming services through connected TVs and devices, Roku has its own ad-supported Roku Channel. The combined company will better compete with the likes of Amazon.com and Netflix for ad dollars.