Fox confirmed Monday that it is acquiring streaming company Roku in a stock and cash deal valued at around $22 billion, one of the largest media acquisitions in years and a clear sign of where the TV industry is placing its bets. Fox said the deal reflects two forces reshaping how people watch video: the enduring pull of live sports and news, and the relentless growth of streaming. Fox says the combined company will become the third-largest television business in the United States by viewership. The deal merges Fox's news and sports channels and its free ad-supported streaming service Tubi, with Roku's connected TV platform ' the software that powers many of the smart TVs and streaming devices people already have in their living rooms. Together, Fox says, the combined company will have reach across both traditional TV and streaming ' a combination increasingly seen as essential as audiences split their time between live broadcasts and on-demand platforms. The deal gives Fox direct...
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