Fox will acquire Roku in a cash-and-stock deal valued at about $22 billion. The boards of both companies have already approved the transaction, TechCrunch reported on Sunday. The acquisition is expected to be completed in the first half of 2027. Fox aims to combine Fox News, its sports channels, its free ad-supported streaming service Tubi and Roku’s connected TV platform, seeking to expand its advertising precision and reduce reliance on traditional broadcasting.

Streaming platform company Roku is reviewing strategic options, including a possible sale of the entire company, Reuters reported on June 12. Roku shares jumped 22 percent on the news. The report said Roku discussed a potential merger with at least one U.S. media company, but no final decision has been made. Roku is also said to have considered a PIPE transaction.