Fox to buy Roku for $22 billion

(CNN)– A new massive media deal was announced Monday, June 15.

Fox is acquiring Roku in a deal valued at $22 billion to expand its exposure in streaming.

Roku was one of the first players in the space starting primarily as a hardware company selling streaming boxes.

Since then, it has transitioned to a software company through its operating system and streaming service.

The Roku channel is an example of what’s called free advertising-supported streaming television or ‘fast.’

It offers content at no cost and makes money through commercials.

Fox also owns Tubi another major player in the ‘fast’ space.