NEW YORK CITY, New York: The Murdoch family's Fox Corp has completed its $22 billion acquisition of streaming platform Roku, giving the broadcaster access to more than 100 million households as it seeks to expand its digital audience and strengthen its advertising business.

The cash-and-stock transaction, completed on Friday, marks a major investment by Fox in streaming as the company looks to extend the online reach of its sports and news programming, headed up by Fox News, Fox Sports and Fox Entertainment.

The acquisition, first announced in June, gives Fox access to Roku's streaming platform and its large household user base, potentially reducing the broadcaster's reliance on traditional cable television.

The deal could also help Fox expand its digital advertising business by reaching a broader online audience and improving its ability to target advertisements.

Roku's platform is used by more than 100 million households, providing Fox with an established distribution channel for its programming.

The acquisition represents a significant step in Fox's efforts to expand beyond its cable television-dependent business through streaming and digital advertising. "Our shared entrepreneurial passion and clear conviction toward building the future together with our new Roku colleagues gives us great confidence in the opportunities ahead of us," Fox Corp's CEO and Executive Chair Lachlan Murdoch (pictured) said Friday.

The transaction's finalisation comes after a very strong start to Fox's first quarter. Earlier this week, Fox said the 1 July-30 September quarter saw revenues of $4.57 billion, net income of $957 million, and an adjusted EBITDA of $1.64 billion.