Fox has announced that it is buying video streaming company Roku for a total of around $22 billion, including taking on debt. It follows the acquisition of Tubi back in 2020.

The move will make the combined company the third largest player in US television, measured by share of viewing …

The Wall Street Journal reports the announcement.

The deal brings together “the most valuable live content portfolio in video consumption with the preeminent streaming platform,” Fox Chief Executive Lachlan Murdoch said Monday [The new entity will combine] Fox’s sports, news and entertainment content, its Tubi ad-supported streaming service and Roku.

The acquisition is expected to complete in the first half of next year, subject to approval from Fox and Roku shareholders, as well as regulators.

Roku was originally a Netflix spin-off that now accounts for 100 million viewers. Once complete, Associated Press reports that Fox shareholders will own approximately 73% of the combined company, with Roku shareholders holding the 27% balance.

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Image: Roku