In a big development in the global media and entertainment industry, Fox Corporation is acquiring video streaming giant, Roku.
The deal, valued at $22 billion, also includes Roku’s namesake channel as well as customer data, said US media reports.
Once the acquisition is complete, Fox will become the third-largest player in US television industry by share of viewing, as the media company already owns Tubi.
Roku currently has a customer base in over 100 million streaming households globally.
In the US market in terms of streaming viewership, Roku is fifth behind YouTube, Netflix, Disney and Prime Video with 3% market share.
Fox issued a statement on the matter and said Roku will continue to function as a separate platform.
Roku’s advertising revenues were $613 million in the first quarter of this year, a 27% growth year on year.
Fox is reported to be borrowing $12 billion to go ahead with its purchase of the platform.