Fox buys TV streaming box maker Roku for £16bn in bid to expand its online presence

Fox Corporation is buying Roku for £16billion in a bid to use the streaming platform to strengthen its advertising business and expand the online reach of its sports and news content.

The deal gives the media giant access to more than 100m households.

The takeover could help cable TV-reliant Fox better target adverts, compete more effectively and reduce its dependence on traditional distribution.

It is Fox’s first major acquisition since chief executive and chairman Lachlan Murdoch cemented control of the media empire built by his father, Rupert Murdoch, after a family settlement last year.

The Fox boss labelled the Roku deal a ‘defining moment’ for the company.