Fox has confirmed its acquisition of streaming giant Roku for around $22 billion, making it the largest media deal since 2015. This move highlights the industry's shift towards streaming, with Fox aiming to dominate both live and on-demand content.

The combined entity will harness Fox’s news and sports channels alongside its free ad-supported service Tubi, merging them with Roku's connected TV platform. This merger positions the company as a formidable player in CTV (connected TV) advertising, which is rapidly gaining traction.

Fox CEO Lachlan Murdoch sees this acquisition as pivotal for future growth, stating: 'This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile.' Rupert Murdoch's vision seems to align with the industry trend towards consolidation.

Roku founder Anthony Wood expressed optimism about the partnership, saying he is excited for what they can achieve together. However, the road ahead involves navigating regulatory hurdles and market competition in the streaming space.

The deal, approved by both boards, is expected to close within the first half of 2027. Fox has secured a $12 billion loan to fund the acquisition, ensuring financial flexibility as it integrates its new assets.