In a move reflecting the accelerating consolidation within the U.S. media landscape, Fox Corporation has finalized a $22 billion acquisition of the streaming platform Roku Inc, making a major bet on the future of streaming, live sports, and news.

The deal, announced Monday by the company controlled by the Murdoch billionaire family, will see Fox acquiring Roku Inc for $160 per share in a mix of cash and Fox stock.

Upon completion, the combined entity is projected to become the third-largest television media group in the United States by audience share.

Fox stated that the transaction will integrate its own sports, news, and entertainment content with Roku's connected TV ecosystem, which includes its proprietary streaming hardware and branded smart TVs, and will be bolstered by Roku's growing digital advertising business. Fox itself also owns the free, ad-supported streaming service Tubi.

Fox indicated that Roku will maintain its open-platform status post-acquisition, allowing users continued access to thousands of applications, including Netflix, Amazon Prime Video, and YouTube.

Fox CEO Lachlan Murdoch commented, "This acquisition represents a defining moment for our company and a natural extension of the clear and consistent strategy we have been executing for nearly a decade."