Fox Corp. is buying streaming platform Roku in a cash-and-stock deal valued at approximately $22 billion.
The deal announced Monday will give Fox access to the Roku channel, first-party data and more than 100 million global streaming households. Fox is a media giant that includes sports, news, and entertainment content as well as Tubi.
Fox will pay $96 in cash and 0.9693 shares of its Class A common stock for each Roku Class A and Class B share outstanding. The transaction is valued at $160 per Roku share.
Existing Fox shareholders are expected to own approximately 73% of the combined company and Roku shareholders will own about 27%, once the deal closes.
The deal is expected to close in the first half of next year. It still needs approval from Fox and Roku shareholders and also regulatory approval.
The Associated Press contributed to this article