Fox-Roku deal: $22 billion
Fox Corporation is acquiring Roku in a $22 billion deal, creating the third-largest U.S. TV player by share of viewing.
Snapshot · Pivot
The White House UFC Fight, SpaceX’s Big Pop, and Fox’s Roku Deal
Explore episode
Jun 16, 2026
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Fox Buys Roku: The $22 Billion Bet on Ad-Supported TV
At 21:10 · chapter starts 21:00
Fox Corporation's $22 billion deal for Roku was the move Scott Galloway says he didn't see coming but immediately understood: 100 million households, first-party data at scale, and a direct advertiser relationship that cable companies always sat in front of. [1] — Scott Galloway "Fox's $22 billion Roku acquisition gives it first-party data across 100 million households and a direct viewer relationship that cable neve…" 21:00 The combined entity — Fox's live news, sports, and Tubi content married to Roku's platform — would become the third-largest U.S. TV player by viewing share, putting genuine pressure on YouTube and Netflix. Fox projects $400 million in run-rate synergies. Roku founder Anthony Wood joins Fox's board, and Fox shareholders end up owning 73% of the merged company. Scott adds an eye-catching historical footnote: Fox sold its Roku shares at $58 in 2020 to fund the Tubi acquisition and is now buying the whole company at $160 a share. He walks through Roku's financials — $4.7 billion in revenue up 15%, platform revenue of $4.1 billion up 18%, first GAAP profitable year, $80 million in Q4 net income — and argues Roku is arguably the most important media company most people have never heard of. Kara salutes Anjali Sud at Tubi and the quality of executives Fox tends to develop.
Fox Buying Roku: The Industrial Logic Everyone Missed
Fox's $22 billion Roku acquisition gives it first-party data across 100 million households and a direct viewer relationship that cable never offered advertisers. Scott Galloway calls it a bold, savvy bet on ad-supported TV at the exact moment subscription streaming has stopped gaining share.
Fox sold Roku shares at $58, buys back at $160
Fox had previously sold Roku shares at $58 to fund its Tubi acquisition, and is now buying the company back at $160 per share.
Roku revenue up 15% YoY
Roku reported $4.7 billion in total net revenue for the year, up 15% year over year, with its first-ever GAAP profitable year.
Roku: 100M+ households
Roku had over 100 million household users by end of 2025, giving Fox unparalleled first-party data across American living rooms.
SpaceX IPO: Manufactured Scarcity and 4,000 New Millionaires
SpaceX engineered a near-perfect 20% first-day IPO pop by floating just 5% of shares against unprecedented demand — a trick Scott Galloway called before it happened. The result: Elon Musk became the world's first trillionaire, 4,000 employees became millionaires, and the stock kept climbing.
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