The news came as an unpleasant surprise to Netflix investors: the company’s stock fell by 3.5%. According to Investing.com, the market saw the loss not merely as a failed deal, but as a sign that the battle for the future of television is entering a new phase.
According to the source, Netflix actively sought to gain control of Roku, but Fox’s offer proved more attractive to shareholders. The offer was $160 per share in cash and stock. Netflix’s bid amount has not been disclosed.
Why was Roku so important? The fact is that in the streaming era, the main battle is no longer just over TV shows and movies. Companies are fighting for the “gateways” to viewers—the platforms, devices, and data that allow them to manage advertising and audience behavior.
For Netflix, acquiring Roku would mean transitioning from being the largest content producer to controlling the entire chain—from creating movies and TV shows to delivering them to the user’s screen.
But a deal with Netflix could have raised serious concerns among regulators. A company that is already one of the largest producers of streaming content would gain control over a platform that hosts competing services, including Disney and Amazon Prime Video.
Fox chose a different path. The company has promised to keep Roku an open platform for partners and is banking on a combination of television, sports, news, and free ad-supported streaming via the Tubi service.
The battle for Roku has highlighted one key point: the future of television will belong not only to those who produce the best shows, but also to those who control how those shows reach viewers.
