Roku’s $22 Billion Deal with Lachlan Murdoch
Roku founder and CEO Anthony Wood began discussing a possible change in his role at the company last year, according to details later revealed in a regulatory filing.
In late September 2025, Wood reportedly told Roku’s board that he wanted to discuss succession planning. During a quarterly board meeting, he explained that he was considering reducing his involvement in the company’s daily management.
Plan for a Co-CEO
Wood reportedly suggested bringing in another senior leader who could eventually share the CEO role with him.
The plan would allow Wood to gradually step away from the company’s daily operations while continuing to provide guidance. Eventually, he could move into a position on Roku’s board instead of remaining directly involved in running the company.
Succession planning is common among major companies, especially when founders begin considering their long-term roles. However, in Roku’s case, the discussions became connected to a much larger question about the company’s future.
Possible Sale of Roku
During the discussions, Wood also reportedly considered the possibility of selling Roku.
The idea of a sale added another important element to the company’s future strategy. Roku had grown into a major streaming platform, making it an attractive target for larger media and technology companies.
Details surrounding the discussions and proposed transaction were later disclosed through an S-4 regulatory filing on August 7.
News Corp Deal
The developments eventually led to a proposed $22 billion acquisition of Roku by News Corp, associated with Lachlan Murdoch.
The reported transaction represents a major change for Roku, which Wood founded and helped build into one of the best-known streaming technology companies.
The deal also highlights how the company’s leadership planning and broader corporate strategy became connected over time.
From Founder-Led Company to New Ownership
Wood’s decision to consider reducing his management role came at an important stage in Roku’s development.
Under his leadership, Roku expanded from a company focused on streaming devices into a larger streaming platform with millions of users and a significant advertising business.
The proposed acquisition would mark a major new chapter for the company.
While Wood’s original succession discussions focused on finding a future leadership structure, the later sale discussions created a different path for Roku.
The details revealed in the filing provide a clearer timeline of how the company’s leadership plans and acquisition discussions developed, eventually leading to the proposed $22 billion transaction with News Corp.