Fox Corporation on Monday announced that it would purchase Roku for roughly $22 billion.

Roku is known for its streaming devices, which connect to TVs and enable access to apps such as Netflix and Disney+.

"This is a defining moment for FOX, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade," Fox Corporation CEO Lachlan Murdoch said in a statement. "In 2019, we reoriented the company around live news and sports. In 2020, we acquired Tubi and under our stewardship it has become one of the most successful businesses in streaming."

"Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it," he added. "Roku pioneered streaming TV and scaled it into a leading CTV platform. Together, we intend to lead its next chapter.”

The deal will see Fox purchase Roku at roughly $160.00 per share.

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.