Inside the Stream - Fox-Roku: Good Deal, Bad Deal, or In-Between?

In a surprise move, Fox is acquiring Roku for $22 billion. Is it a good deal, bad deal, or something in between? We discuss from all angles.

The $22 billion cash-and-stock deal for Fox to acquire Roku ends years of speculation over who would eventually acquire Roku. It brings the US’s most popular TV OS (Roku OS) and its second-most-popular FAST service under Fox’s control.

I compare what the Fox-Roku and Paramount-WBD deals do to the share of streaming TV time and which TV distributors will likely end up owning the most US TV time. To do this, I have leveraged Nielsen The Gauge data for March 2026. The data reveals that Paramount-WBD will likely own the largest share of TV time and that Fox-Roku will move up to fourth, ahead of Netflix, which drops two places to sixth.

Will and I have four reasons why buying Roku could be a smart move for Fox.

Will outlines some of the reasons he doesn’t think the deal makes sense for Fox. His principal objection is that the idea that content plus distribution is a magical combination. I disagree with him on this point. Roku’s platform access charges are already reducing viewers’ choice. Fox’s ownership will amplify the problem.

Will also feels that acquiring Roku makes Walmart Fox’s biggest competitor. He thinks it also makes Amazon a competitor.

I don’t agree with at least two of Will’s reservations about the deal for Fox.

Although I think buying Roku would be helpful to Fox, the deal is terrible for the industry as a whole. Will also thinks that the Fox brand is toxic to many Americans.