Tubi users spend over 160 million hours a month watching content on the free, ad-supported platform, the company said. The deal is expected to close before June 30.
Investment bank Morgan Stanley helped Fox sell 6 million Roku shares at $58 apiece on Tuesday, the Wall Street Journal reported earlier.
Allen & Company was the financial adviser to Fox, and Jenner and Block, and Kirkland and Ellis LLP were its legal advisers.
Qatalyst Partners was the financial adviser to Tubi and Fenwick and West LLP its legal adviser.