Fox buys Roku for $96B, skipping streaming wars to own key TV platform.

Fox is acquiring Roku for $160 per share in a $96 billion deal, aiming to skip the costly streaming service race by owning the dominant TV streaming platform instead. Roku powers nearly 45% of US streaming time, making it a crucial gatekeeper for streaming services. Fox expects $400 million in cost synergies and free cash flow growth by the second year after closing, targeted for early 2027. This move gives Fox a strategic future beyond traditional TV and could reshape legacy media competition, though the market is cautious about dilution risks and regulatory approval.