Roku's stock climbed to a four-year high after the company announced it had agreed to be acquired by Fox in a deal valued at $22 billion, according to MarketWatch.
The agreement marks one of the largest media acquisitions in recent memory and brings together one of the most widely used streaming platform companies in the United States with a major broadcast and cable media company. Roku's devices and platform are used by tens of millions of households to access streaming services, live television, and on-demand content.
The deal raises significant questions about the future direction of both companies, MarketWatch reported. Roku has built its business primarily as a neutral platform, carrying apps and services from competing media and streaming companies. A sale to Fox, which operates its own streaming service and broadcast network, could affect those relationships.
No additional details about the terms of the agreement or a projected closing date were immediately available from the source material.
