Fox Corp. is buying streaming giant Roku in a blockbuster deal valued at roughly $22 billion — creating a media powerhouse that the companies say will become the third-largest player in US television by share of viewing.

The acquisition, first reported by the Wall Street Journal, brings together Fox’s portfolio of live sports, news and entertainment programming with Roku’s streaming platform and connected-TV operating system, which reaches more than 100 million households worldwide.

Fox CEO Lachlan Murdoch touted the merger as a transformational move as competition for streaming audiences intensifies.

The deal combines “the most valuable live content portfolio in video consumption with the preeminent streaming platform,” he told investors on a conference call on Monday.

Fox Corp. is sister company to The Post’s corporate parent News Corp.

The acquisition marks one of the largest media deals in recent years and gives Fox a direct foothold in the connected-TV market as legacy media companies race to secure scale in streaming.

Paul Hardart, a clinical professor of marketing at New York University’s Stern School of Business, said the acquisition gives Fox a more direct relationship with viewers and advertisers.

“It gives them direct access to millions of connected TV homes and thus a more direct relationship with consumers and the ability to advertise directly (and with more targeted data) than they can today,” he told The Post.

Hardart said Roku’s operating system may be among the company’s most valuable assets because it gives Fox insight into how viewers discover and consume content.

“They are getting the Roku operating system, which leads to consumers, their viewing habits and how they discover great content,” he explained.

As streaming companies race to get closer to consumers, the deal could encourage rivals to pursue similar strategies, he added.

“The closer any of these companies can get to consumers, the more power (and data) they’ll have.”

Elizabeth Parks, president and chief marketing officer of research firm Parks Associates, said Roku’s appeal extends well beyond its streaming devices.

“Unlike traditional hardware companies, Roku has built a large-scale platform business that spans streaming devices, smart TV operating systems, content discovery, advertising, and audience engagement,” Parks told The Post.

Parks said Roku’s position in the connected-TV ecosystem gives Fox direct access to consumers at the point where they discover and watch content.

“It would provide access to one of the largest connected TV platforms in the United States, with leadership in streaming media players, growing smart TV operating system share, and a direct connection to millions of viewers through the television interface itself,” she said.

More than 100 million households globally stream through Roku’s platform, according to the companies. The combined business will include Fox’s sports, news and entertainment assets alongside its ad-supported streaming service Tubi and Roku’s own streaming platform, The Roku Channel.

“This is a defining moment for Fox, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade,” Murdoch said.

The media executive noted that Fox reshaped its business around live news and sports following the 2019 sale of many of its entertainment assets, and acquiring Tubi in 2020.

“Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it,” Murdoch said.

Roku founder and CEO Anthony Wood called the transaction “an extraordinary opportunity” that would allow the company to accelerate growth and innovation.

“Over the past two decades, we’ve built Roku into the leading TV streaming platform, reaching more than 100 million households globally and reshaping how people discover and enjoy entertainment,” he said.

Hardart characterized the acquisition primarily as a distribution play, rather than a content deal.

“Again, think of it primarily as a distribution deal–that organically impacts advertising and data,” he told The Post.

The move could also put pressure on other connected-TV platforms.

“This is a direct shot across the bow of any company playing in the realm of connected TVs — including Walmart, Amazon (Fire TV) and Google’s Android,” Hardart said.

Under the terms of the agreement, Fox will acquire Roku for $160 per share in a cash-and-stock transaction that values the streaming company at roughly $22 billion in enterprise value.

Fox will pay $96 in cash and 0.9693 shares of Fox Class A stock for each Roku share outstanding. Following the deal’s completion, existing Fox shareholders are expected to own about 73% of the combined company, while Roku shareholders will own the remaining 27%.

The companies said the combined business would become the third-largest player in US television by share of viewing, spanning broadcast, cable and streaming platforms.

Fox said it expects the acquisition to generate approximately $400 million in annual cost savings while strengthening its position in the rapidly growing streaming and connected-TV advertising markets.

The company has secured $12 billion in bridge financing from Morgan Stanley to fund the cash portion of the deal and said it expects to maintain its investment-grade credit rating while continuing its share repurchase and dividend programs.

Wood will remain involved with the combined company and join Fox’s board of directors following the transaction’s close, the companies said.

The deal was unanimously approved by the boards of both companies and is expected to close in the first half of 2027, subject to shareholder and regulatory approval.