Fox Corporation on Monday announced that it has entered into an agreement to acquire streaming platform Roku.

Under the agreement, Fox will pay $160.00 per share in a combination of cash and stock, valuing Roku at approximately $22 billion, according to a press release. 

The deal will combine Fox's content and the company's Tubi streaming service with Roku's TV platform and 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," Lachlan Murdoch, CEO of Fox said in a statement.