Fox is buying Roku for $22 billion

According to the companies, it would create the third-largest player in US TV.

The Fox Corporation announced it will be acquiring Roku , best known for its streaming device ecosystem. Subject to approval, Fox will pay about $22 billion for Roku, or $160 per share.

"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," CEO and Executive Chair of Fox, Lachlan Murdoch, said in a statement. "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. This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile."