OLD AND BUSTED: The Roku Box.

The New Hotness? The Roku-Fox: Fox to buy streaming pioneer Roku in a $22 billion deal.

Fox Corp. has agreed to buy the streaming pioneer Roku in a cash-and-stock deal valued at approximately $22 billion, including debt.

Roku will continue to be run as an open, partner-friendly platform, the companies said Monday, and there appears to be no immediate changes that customers will see. Fox and Roku said that the combined company will become the third-largest player in U.S. television by share of viewing.

Media reports had surfaced on Friday that Roku was looking at its strategic options, including a possible sale. Speculation was rampant as to which companies might be interested in an acquisition. Aside from Fox, names being tossed about as potential buyers included Netflix, Amazon, Comcast and Disney.

The deal will give Fox access to more than 100 million global households, along with the Roku channel and its first-party data. Fox oversees a massive sports, news and entertainment network, as well as Tubi, which it acquired in 2020.

Roku founder Anthony Wood had initially worked within Netflix in the early 2000s as that company attempted to make the seismic shift from renting DVDs, to streaming.

While technologically inevitable, that’s worked out about as well for Hollywood as the death of CDs did for the music industry: The death of DVDs and how it has damaged Hollywood.