Fox Corp. has agreed to buy streaming pioneer Roku in a cash-and-stock deal valued at roughly US$22 billion, including debt.

Roku will continue to be run as an open, partner-friendly platform, the companies said Monday, and there appear to be no immediate changes that customers will see. Fox and Roku said the combined company will become the third-largest player in US television by share of viewing.

Media reports had surfaced on Friday that Roku was looking at its strategic options, including a possible sale. Speculation was rampant as to which companies might be interested in an acquisition. Aside from Fox, names being tossed about as potential buyers included Netflix, Amazon, Comcast and Disney.