Fox is buying Roku for $22 billion to finally control the remote
Just when everyone thought the streaming wars had settled into a boring stalemate, the legacy media giants decided to drop a casual twenty-two billion dollars on the little purple box sitting under your TV.
It turns out Fox isn't content with just owning broadcast networks and live sports. They want the entire gateway you use to access them. They are paying a massive premium to absorb Roku, the company that basically pioneered the modern plug-and-play streaming stick.
The deal is a massive mix of cash and stock. Lachlan Murdoch called the acquisition a "natural extension" of their strategy. Translation: traditional television is shrinking, and owning the hardware that feeds the apps is the ultimate survival strategy.
Meanwhile, Roku's founder, Anthony Wood, is pocketing a massive fortune and joining the Fox board of directors to keep things smooth.
Watching cable giants buy up the internet just to recreate cable packages is the ultimate circle of life.
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