Fox is buying Roku for $22 billion

Fox Corporation announced it will acquire Roku for about $22 billion, or $160 per share, subject to regulatory approval. According to the companies, the acquisition would create the third-largest player in US television.

Lachlan Murdoch, CEO and Executive Chair of Fox, said in a statement: "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. 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. This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile."

This is a developing story.