Fox to buy Roku streaming firm in $22bn deal

Media giant Fox is buying the streaming firm Roku in a deal the companies say will create the third largest player in US TV by share of viewing.

Fox's move is being seen as a bet that combining streaming with its news and sport offering will leave it in a strong position as TV audiences move online.

The offer of $160 per share, made up of cash and stock, values Roku at $22bn (£16bn).

"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," said Fox chief executive Lachlan Murdoch.

"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."