Fox’s $22B Roku acquisition aims to expand its reach into smart TVs, advertising
Fox’s $22B Roku acquisition aims to expand its reach into smart TVs, advertising
福克斯以 220 亿美元收购 Roku，旨在扩大其在智能电视和广告领域的影响力
Fox Corporation has agreed to buy Roku Inc. for $160 per share, an approximate enterprise value of $22 billion, the firms announced today. 福克斯公司（Fox Corporation）今日宣布，已同意以每股 160 美元的价格收购 Roku Inc.，企业价值约为 220 亿美元。
The acquisition would unite Fox’s broadcast channels, including Fox, Fox News, Fox Business, and FS1, as well as its streaming businesses, including Tubi, a free ad-supported streaming television (FAST) platform that Fox bought in 2020, with Roku’s own FAST service, The Roku Channel, and Roku’s streaming hardware business, including its streaming sticks and smart TVs. 此次收购将整合福克斯旗下的广播频道（包括 Fox、Fox News、Fox Business 和 FS1）及其流媒体业务（包括福克斯于 2020 年收购的免费广告支持流媒体电视平台 Tubi），并与 Roku 自身的 FAST 服务“The Roku Channel”以及 Roku 的流媒体硬件业务（包括流媒体电视棒和智能电视）合并。
Roku says it has 100 million households using its platform. The most valuable part of Roku’s business isn’t its hardware, which lost $19.1 million in the quarter ending March 31, 2026, but its the operating system (Roku OS) and advertising business. Roku 表示，其平台拥有 1 亿户家庭用户。Roku 业务中最有价值的部分并非其硬件（该业务在截至 2026 年 3 月 31 日的季度中亏损了 1910 万美元），而是其操作系统（Roku OS）和广告业务。
In that same quarter, Roku’s advertising and subscriptions business posted a gross profit of $584.1 million, with the advertising business pulling in $371 million in revenue. The COVID-19 pandemic helped Roku become profitable in 2021, but the company didn’t see annual profitability again until 2025. 在同一季度，Roku 的广告和订阅业务实现了 5.841 亿美元的毛利润，其中广告业务贡献了 3.71 亿美元的收入。新冠疫情曾帮助 Roku 在 2021 年实现盈利，但该公司直到 2025 年才再次实现年度盈利。
The planned merger aims to help Roku scale and maintain profitability more easily by enabling Roku “to execute on our strategy faster than we would otherwise by ourselves, even though we’re doing extremely well,” Anthony Wood, Roku’s CEO, said during a call with investors today. Roku 首席执行官 Anthony Wood 在今日的投资者电话会议上表示，此次合并旨在帮助 Roku 更轻松地扩大规模并保持盈利，使 Roku “能够比我们独立运营时更快地执行战略，尽管我们目前的发展已经非常出色。”
“Fox and Roku are committed to continuing to operate Roku as an open, partner-friendly platform and to the continued ubiquitous distribution of Fox content. On a pro forma basis, the combined company will become the third-largest player in US television by share of viewing,” today’s announcement said. 今日的公告称：“福克斯和 Roku 致力于继续将 Roku 作为一个开放、对合作伙伴友好的平台来运营，并持续广泛地分发福克斯的内容。按预估计算，合并后的公司将成为美国电视市场收视份额第三大的参与者。”
The stat seemingly refers to Nielsen’s data for “aggregated view of total TV usage by media company” in March. The top-viewed distributors were YouTube (13.2 percent), The Walt Disney Company (10.5 percent), and NBCUniversal/Versant (8.4 percent). Fox was in fourth place (7.2 percent), and The Roku Channel was in ninth (3 percent). 这一数据似乎参考了尼尔森（Nielsen）3 月份关于“各媒体公司电视总使用量汇总”的数据。收视率最高的发行商分别是 YouTube（13.2%）、华特迪士尼公司（10.5%）和 NBCUniversal/Versant（8.4%）。福克斯排名第四（7.2%），The Roku Channel 排名第九（3%）。
Meanwhile, Fox would gain a new path toward ad sales and user tracking through The Roku Channel and Roku OS, which has a notable amount of ads. The merger would also help Fox expand beyond its legacy business and further into streaming, giving it more appeal among advertisers. 与此同时，福克斯将通过 The Roku Channel 和 Roku OS 获得广告销售和用户追踪的新途径，因为这些平台拥有大量的广告资源。此次合并还将帮助福克斯超越其传统业务，进一步向流媒体领域扩张，从而对广告商更具吸引力。
“Advertisers are … seeking large audiences, improved digital targeting and more consistent measurement across platforms,” Lachlan Murdoch, Fox’s CEO and chair executive, said during today’s investors call. “These converging dynamics across viewing, aggregation, and advertising have fueled the rapid growth of connected TV, and we are still in the early stages of this transition.” 福克斯首席执行官兼董事长 Lachlan Murdoch 在今日的投资者电话会议上表示：“广告商正在……寻求庞大的受众群体、更精准的数字定位以及跨平台更一致的衡量标准。这些在收视、聚合和广告方面的融合动态推动了联网电视（CTV）的快速增长，而我们仍处于这一转型期的早期阶段。”
Should the deal close, Fox shareholders are expected to own about 73 percent of the merged company, and Roku shareholders are expected to own about 27 percent. Fox would take on $8 million in debt to pay for the Roku acquisition, and the companies expect to reduce combined expenses by $400 million. 如果交易完成，预计福克斯股东将拥有合并后公司约 73% 的股份，Roku 股东将拥有约 27% 的股份。福克斯将承担 800 万美元的债务以支付此次收购，两家公司预计合并后将削减 4 亿美元的开支。
Under the acquisition, Roku’s Wood would be on Fox’s board of directors and have “an ongoing role at the combined company,” the announcement said without providing more detail. The acquisition remains subject to closing conditions, including regulatory approval and approval from Fox and Roku’s shareholders. It’s expected to close in the first half of 2027. 公告称，根据收购协议，Roku 的 Wood 将进入福克斯董事会，并在“合并后的公司中担任持续角色”，但未提供更多细节。此次收购仍需满足成交条件，包括监管部门的批准以及福克斯和 Roku 股东的批准。预计交易将于 2027 年上半年完成。
The announcement marks more consolidation for the streaming industry, which, broadly, has been challenged to reach and maintain profitability while providing always-on, on-demand service at lower prices than cable. With other deals, like Paramount buying HBO Max and the rest of Warner Bros. Discovery and Disney buying Hulu, we expect to see even more mergers and acquisitions, especially as legacy media and smaller streaming services look for ways to buoy profits. 这一公告标志着流媒体行业的进一步整合。总体而言，该行业一直面临挑战：既要提供比有线电视价格更低的“全天候、按需点播”服务，又要实现并保持盈利。随着派拉蒙收购 HBO Max 及华纳兄弟探索公司的其余部分，以及迪士尼收购 Hulu 等交易的出现，我们预计未来还会看到更多的并购案，尤其是当传统媒体和小型流媒体服务商都在寻求提振利润的方法时。