Fox Corporation on Monday announced it reached an agreement to buy the streaming service Roku for $22 billion, expanding Fox’s streaming portfolio in a transaction the companies said would create the “third-largest player in U.S. television.”

Fox said it would acquire Roku for $160 per share in a deal the companies expect to include $400 million in savings.

Fox CEO Lachlan Murdoch, the eldest son of billionaire Rupert Murdoch, called the deal a “defining moment” for Fox that brings “together the most valuable live content portfolio and video consumption with the preeminent streaming platform through which America watches it.”

Learn more about your ad choices. Visit megaphone.fm/adchoices