Fox agrees to buy Roku in cash-and-stock deal
Money MovesA live-TV and news company moves to own the screen millions of homes turn on first
June 16th, 2026: Eight Wall Street firms downgrade Roku to HoldNew here? Follow stories to track developments over time. Create a free account to get updates when stories you care about change.
Overview
Roku built the menu that pops up on roughly 90 million American TVs when they switch on. Fox agreed to buy that menu on June 15, 2026, for about $22 billion.
The deal hands Fox the home screen and a direct line to more than 100 million streaming households. Wall Street responded with doubt: Fox shares fell nearly 17%, and eight firms cut Roku to Hold within a day. The core question is whether a Fox-owned Roku can keep treating Netflix and Disney as equals.
Why it matters
The company that controls what you see first when you turn on your TV would be owned by a company that makes the shows competing for that spot.
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The live-news, sports, and broadcast company the Murdoch family kept after selling most of 21st Century Fox to Disney.
The maker of the streaming operating system and home screen used by roughly half of U.S. broadband homes.
Timeline
May 2008 June 2026
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Eight Wall Street firms downgrade Roku to Hold
Latest MarketJefferies, Piper Sandler, JPMorgan, Evercore ISI, KeyBanc, William Blair, Loop Capital, and Citizens all cut Roku to Hold or equivalent, with most setting price targets at $160 — the deal price. Retail investors pushed Roku stock slightly higher overnight, buying against the analyst tide.
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Fox agrees to buy Roku for about $22 billion
DealBoth boards unanimously approve the cash-and-stock agreement. Fox holders would own 73% of the combined company, Roku holders 27%.
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Fox shares fall about 15%
MarketInvestors react to the price and the risk of merging a content company with a distribution platform. Fox Class A stock drops roughly 15%.
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Murdoch says Tubi and The Roku Channel will stay separate
StatementFox has no plans to merge its two free ad-supported streaming services. Tubi focuses on on-demand content; The Roku Channel centers on free linear channels, and Murdoch said the two serve different audiences.
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Roku reaches roughly 90 million households
BackgroundRoku ends 2024 with about 89.8 million streaming households, more than half of U.S. broadband homes.
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Roku goes public
BackgroundRoku lists on the Nasdaq and begins shifting its business from selling hardware to selling ads and platform services.
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Roku ships its first streaming box
BackgroundA project that began with Netflix backing becomes a standalone $99 device for watching internet video on a TV.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
AOL buys Time Warner (2000)
Internet provider AOL agreed to merge with media giant Time Warner in a deal valued near $165 billion, joining distribution with content. The logic was that owning the pipe and the programming would pay off together.
The dot-com crash and a culture clash gutted the combined company's value within two years.
Time Warner wrote off tens of billions and eventually split the businesses back apart. The deal became shorthand for distribution-plus-content mergers that fail.
Media analyst Doug Creutz cited this history in urging skepticism about Fox owning both the shows and the screen they play on.
AT&T acquires Time Warner (2018)
Phone and pay-TV company AT&T bought Time Warner for about $85 billion. The Department of Justice sued to block it, arguing the combined firm could harm rivals that needed Time Warner's content. A judge let it proceed.
AT&T won in court and closed the deal, rebranding the unit WarnerMedia.
The promised benefits never materialized. AT&T spun the media business off in 2022, unwinding the merger at a steep loss.
It shows both how a vertical media deal can survive an antitrust challenge and how it can still fail commercially afterward.
Disney buys 21st Century Fox (2019)
Disney paid about $71 billion for most of 21st Century Fox's entertainment assets. The Murdochs kept the live news, sports, and broadcast pieces and spun them into the Fox Corporation that exists today.
Disney used the assets to launch Disney+ and bulk up its content library.
Fox became a leaner company built around live programming, with no streaming platform of its own.
The Roku purchase is Fox fixing the gap that 2019 split left: it has the live content but, until now, no platform to distribute it directly.
