Fox Corp. and streaming technology powerhouse Roku have entered a definitive agreement under which Fox will acquire Roku for $160.00 per share in a combination of cash and Fox Class A common stock, valuing Roku at approximately $22 billion in enterprise value, the companies said on Monday.

The transaction combines Fox's sports, news, and entertainment content and the Tubi streaming service with Roku's connected TV platform, The Roku Channel, first-party data and direct relationship with more than 100 million global streaming households, the deal partners touted.

 Together, Fox and Roku will create a scaled next-generation media and technology company positioned at the intersection of two of the most important forces reshaping video consumption: the enduring primacy of live sports and news, and the continued rise of streaming,  Fox said.  Fox and Roku are committed to continuing to operate Roku as an open, partner-friendly platform and to the continued ubiquitous distribution of Fox content. 

On a pro forma basis, the combined company will become the third-largest player in U.S. television by share of viewing,  with an attractive mix of Fox's sports, news, and entertainment content, alongside streaming services Tubi and The Roku Channel,  the companies said.  That distribution and engagement scale spans every major viewing environment - broadcast, cable, local, and streaming - creating broad and diversified reach that benefits viewers, partners, and advertisers. 

Lachlan K. Murdoch, executive chair and CEO of Fox, said:  This is a defining moment for Fox, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade. In 2019, we reoriented the company around live news and sports. In 2020, we acquired Tubi, and under our stewardship, it has become one of the most successful businesses in streaming. Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it. 

Added the CEO:  This combination will transform the scope of our

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