Fox is purchasing Roku to leverage its massive streaming user base and enhance its digital advertising and content distribution capabilities.

Fox Corp is buying Roku in a cash-and-stock deal valued at about US$22 billion in a bet that pairing its sports and news programming with a top TV streaming platform ‌will strengthen its position as audiences shift online. The deal, announced on Monday, gives Fox access to the more than 100 million households using Roku’s streaming platform, potentially helping the cable TV-reliant media company better target ads and reduce reliance on traditional distribution. It is Fox’s first major...