(https://www.cnbc.com/2026/06/15/fox-to-buy-roku.html) is the inverse of what Fox needs. Roku is a low-margin device platform with saturated TAM — Fox is paying for the *illusion* of being a platform when what it actually needs is leverage over content distribution. DIS solved this with vertical integration into streaming tech and scale; Fox is doing the reverse, betting a $22B device acquisition fixes a content margin collapse it doesn't control.

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