Would you rather spend $18 billion a year on content like Netflix does, or $22 billion once to buy the remote? That’s the bet Fox Corp. is making with its blockbuster acquisition of hardware and distribution behemoth Roku, a deal that suddenly turns the home of Fox News, Fox Sports, Tubi, cable channels and a broadcast network into one of the most unconventional combatants in the Streaming Wars. While Netflix continues to flex its massive annual content budget, Fox initially sat out the arms race, buying Tubi in 2020, investing in creators, AI-fueled microdrama company Holywater and podcast company Red Seat Ventures. Now, as a combined Tubi-Roku puts Fox behind only YouTube and Netflix in TV viewing share, Elaine Low, Sean McNulty and Natalie Jarvey declare the winners and losers — including what the executive shakeout might look like inside — why Wall Street isn’t fully sold and how this repositions Fox in the entertainment landscape.

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