Fox Corporation has agreed to buy Roku Inc. for $160 per share, an approximate enterprise value of $22 billion, the firms announced today.

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. 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. 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.

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Roku just unveiled the biggest overhaul to its smart TV operating system (OS) in 10 years. One of the most noticeable differences is that ad space now takes up a large chunk of the screen’s landing page.

Before the update, loading up a Roku OS-powered smart TV or streaming device would yield a menu on the left side with sections including “What to Watch,” “Live,” and “Search.” The right side had a row of tiles for “Recommended” content above several rows of tiles representing downloaded apps. Once a user started started navigating the home screen, the menu would collapse, and they'd see a large ad on the right side of the screen.

The old Roku OS landing page before the ad is visible.  Credit: Roku

 

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For years, owners of Vizio smart TVs have had little control over the software running on their sets—software that can track viewing habits, push ads, and generally shape the experience of using the device.

The Software Freedom Conservancy (SFC), a US nonprofit that promotes and provides legal support for free and open source software projects, isn't happy about that—so much so that it has spent eight years trying to force the release of the complete source code for Vizio's Linux-based smart TV operating system.

Now, after numerous delays since the SFC filed suit in 2021, a California jury will decide in August whether Vizio must provide that code in executable form to SFC and any Vizio TV owner who wants it.

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