Murdoch’s Deal for Roku Places Bet on Fox’s Streaming Future (2)

Fox Corp.’s Lachlan Murdoch, fresh off a succession battle that cemented his role as heir apparent of his father’s media empire, is now making a $22 billion bet that streaming is the company’s future.

With his surprise acquisition of Roku Inc., the eldest son of Rupert Murdoch is making a career-defining move, refashioning a company that for years prioritized building up its cable-TV empire and buying sports media rights. During that time, Netflix Inc. and Google’s YouTube have been gobbling up a greater share of a growing advertising market on streaming.

Lachlan Murdoch

Photographer: Patrick T. Fallon/Bloomberg

“This is positioning them for ...