Lachlan Murdoch Secures $22 Billion Fox Deal to Acquire Roku

In a September board session, Roku founder Anthony Wood disclosed his desire to reduce day-to-day involvement, proposing a co-CEO and eventually a board role, while also raising the prospect of a sale. The board responded by commissioning a market assessment that involved outreach to a dozen potential buyers, excluding three for strategic reasons. After a series of discussions, Fox Corp., under Lachlan Murdoch, presented a $22 billion offer, the only bid that progressed beyond preliminary interest.

Wood met Murdoch in New York in April and again in June, where they discussed Wood’s future role, leading to an agreement that Wood would remain operational for roughly a year before transitioning to the Fox board. The combined entity would control Roku’s extensive streaming reach and Fox’s ad-supported streamer Tubi, which recently hit 110 million users. Both companies project significant revenue growth, with Fox targeting $21.5 billion by 2031 and Roku forecasting $10.6 billion by 2030, contingent on deal completion. Regulatory review by the DOJ is ongoing, and the merger could reshape competition in the streaming sector.