Fox Corporation has agreed to buy Roku Inc. for $160 per share, an approximate enterprise value of $22 billion, the firms announced today.

The acquisition would unite Fox’s broadcast channels, including Fox, Fox News, Fox Business, and FS1, as well as its streaming businesses, including Tubi, a free ad-supported streaming television (FAST) platform that Fox bought in 2020, with Roku’s own FAST service, The Roku Channel, and Roku’s streaming hardware business, including its streaming sticks and smart TVs. Roku says it has 100 million households using its platform.

The most valuable part of Roku’s business isn't its hardware, which lost $19.1 million in the quarter ending March 31, 2026, but its the operating system (Roku OS) and advertising business. In that same quarter, Roku’s advertising and subscriptions business posted a gross profit of $584.1 million, with the advertising business pulling in $371 million in revenue. The COVID-19 pandemic helped Roku become profitable in 2021, but the company didn’t see annual profitability again until 2025.

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Paramount Skydance is accusing Netflix of maintaining a campaign against its proposed acquisition of Warner Bros. Discovery (WBD).

In a June 5 letter (PDF) addressed to Jared A. Hughes, acting section chief of the Media, Entertainment, and Communications Section of the US Department of Justice's (DOJ's) Antitrust Division, and A. Maya Kahn, a trial attorney for the Antitrust Division, and first reported on by Politico today, Paramount chief legal officer Makan Delrahim accused Netflix of trying to influence stakeholders about the merger. The letter reads:

Indeed, Netflix’s panic-level response and scorched-earth campaign to try and poison regulators and other stakeholders against the Transaction shows just how seriously Netflix takes Paramount as a scaled competitor.

The letter from Delrahim, a former assistant attorney general for the Antitrust Division, is a response to a letter that The International Brotherhood of Teamsters sent to the DOJ in March. The teamsters' letter argued that Paramount and WBD's merger would threaten film and TV workers. The union, which has 1.3 million members, asked the DOJ to block the merger "unless substantial and enforceable safeguards are put in place to increase domestic production and protect jobs," per an announcement from the group.

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