Fox Corp. is making a major move in the media world, announcing a blockbuster acquisition of streaming giant Roku in a deal valued at approximately $22 billion.

The transaction, first reported by The Wall Street Journal, combines Fox’s portfolio of live sports, news, and entertainment programming with Roku’s streaming platform and connected-TV operating system, which reaches more than 100 million households globally.

According to the companies, the merger is expected to create the third-largest player in U.S. television based on share of viewing—a significant development as competition for audience attention becomes increasingly intense.

Fox CEO Lachlan Murdoch described the acquisition as a transformational step designed to strengthen the company’s position as viewing habits continue shifting toward streaming and connected television.

The deal brings together two different strengths under one roof: premium content and large-scale distribution. Fox contributes programming audiences already recognize, while Roku provides direct access to millions of households through its established platform.

In an industry where companies seem to launch a new streaming service every other week and immediately explain why this one is different, scale has become one of the few advantages nobody argues about.

The move also reflects how aggressively media companies are adapting to a landscape where traditional television and streaming are no longer separate worlds—they are increasingly becoming the same business.

With more than 100 million households connected through Roku’s platform and Fox expanding its reach, the companies are positioning themselves to compete more directly for viewers in an increasingly crowded market.

If the strategy delivers as expected, this deal may be remembered not simply as another acquisition, but as one of the biggest attempts yet to reshape what television looks like in the years ahead.