Policyband

Roku Once Meant Six in Japanese. Now It Means 22 Billion

Fox’s $22 billion acquisition of the streaming giant yet another sign that a Big Four broadcast network sees its future online, not on free, over-the-air TV

Ted Hearn

Jun 16, 2026 — 10 min read

Photo of Fox Corp. Chairman Emeritus Rupert Murdoch with his son, Fox Corp. CEO Lachlan Murdoch

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Merger: Roku once meant six in Japanese. Now it means 22 billion. Fox Corp.s agreement to acquire Roku for $22 billion marked a notable strategic turn for one of the country’s largest owners of a broadcast network, local TV stations and a major cable news channel. Instead of expanding its TV station or cable portfolio, Fox is paying $160 per share – $96 in cash and 0.9693 shares of Fox Class A stock – to deepen its position in streaming and connected‑TV technology. The Roku deal, announced June 15, would give Fox control of a platform reaching more than 100 million streaming households and pair Tubi with The Roku Channel, creating one of the largest U.S. streaming businesses. “Nothing has the upside and the massive scale and opportunity that this transaction has,” Fox Corp. CEO Lachlan Murdoch said on a June 15 call with Wall Street analysts. “… Bringing these two companies together really will help define the future of television in the United States and in many other markets around the world.” Last August, Fox launched Fox One, a $19.99 a month streaming app providing access to Fox Sports, Fox News, FS1, FS2, and the Big Ten Network unbundled from the cable package. (More after paywall)