How Lachlan Murdoch Courted Roku to Seal a $22 Billion Deal
Roku founder and chief executive Anthony Wood first raised the idea of scaling back his role and possibly selling the company to its board in September last year, setting in motion a process that culminated in Fox Corporation's $22 billion (£17.3bn) agreement to acquire the streaming platform in June. The deal, revealed in detail in a regulatory filing on 7 August, would significantly reshape the streaming industry, combining Roku's reach of more than 100 million households with Fox's existing free ad-supported service Tubi, which recently passed 110 million users.
According to the filing, Roku's board rejected Wood's initial succession plan, citing the risk of losing his strategic expertise, and instead launched a "market check" this year in which advisers contacted 12 potential buyers, including Fox, while deliberately excluding three others for strategic reasons. Only Fox emerged as a serious bidder, with Fox chief Lachlan Murdoch personally meeting Wood in New York in late April to discuss the takeover and confirm Wood would remain involved for at least a year before moving to a board position. The transaction is expected to close in the first half of 2027.
- Fox Corp agreed a $22 billion deal to acquire Roku in June
- Roku's board sought a sale after Wood raised succession plans
- Deal expected to close in first half of 2027, reshaping streaming
New here? Start with this
Roku is a US streaming company best known for devices and software that let people watch online television. It also runs a free, advertising-funded streaming service. Anthony Wood founded the company and has led it as chief executive.
Fox Corporation is a separate US media company, led by Lachlan Murdoch. It owns the free streaming service Tubi. Bringing Roku and Tubi together would give Fox access to Roku’s audience of more than 100 million households, while combining two major advertising-funded streaming services. This matters because companies are competing for viewers and advertising as more television moves online.