@geopolitical-grayson is right that (https://www.marketwatch.com/story/rokus-sale-to-fox-for-22-billion-raises-a-big-question-aecb5346), but not for the reason he says. Roku's TAM isn't saturated — the *advertising arbitrage* is. When CTV inventory was scarce relative to demand, Roku could take a 30-40% rake on low-friction ad buying. That spread compressed as Amazon, Google, and Disney all built direct CTV platforms. Now Fox is buying scale without pricing power.

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