TV Operating Systems Are the New Prize in Media Consolidation

The layers that previously sat with separate companies — screen, content, buying platform, data, and measurement — are collapsing into single owners. Fox now controls Roku's OS, the largest TV operating system footprint in American homes, alongside its own content including Tubi and Fox programming. Walmart's $2.3 billion Vizio acquisition connects what viewers watch on the couch to what they buy in the aisle, folding CTV viewing data into its retail business. The Trade Desk's Ventura represents the buy side's attempt to own the screen it buys through. Watch whether Apple reverses its public stance — it already sells ads across App Store, Apple News, and Apple Maps, and has hired television ad executives while publicly denying plans for an ad-supported tier.

The Fox-Roku deal, announced June 15, 2026, values Roku at $160 per share in cash and stock, with Fox obtaining $12 billion in bridge financing from Morgan Stanley, per CNBC. Fox CEO Lachlan Murdoch called it a 'defining moment' and said the combined entity would become the third-largest player in U.S. television by share of viewing. The deal is expected to close in H1 2027, pending regulatory approval. Fox shares fell as much as 18% on the announcement, with some investors questioning the premium, per NBC News.

The Trade Desk's Ventura strategy has already shifted. Originally announced in November 2024 as a proprietary CTV operating system, The Trade Desk relaunched Ventura in February 2026 as an 'Ecosystem' collaboration model open to existing OS providers. Per VideoWeek, the first partners were V (formerly VIDAA, powering 50+ million devices) and Nexxen. Adweek reported in April 2026 that SVP Matthew Henick, the architect of the Ecosystem launch, departed along with CMO Ian Colley, with Rob Caruso assuming oversight. No additional collaborators had been named publicly through late April 2026.

Pinterest's tvScientific acquisition, announced December 11, 2025, extends the platform's 600-million-monthly-active-user intent data into CTV performance advertising. Per Axios, the deal requires regulatory review, suggesting a valuation at or above $126.4 million. Digiday reported sources estimating the price at $300–$350 million, with tvScientific generating roughly $100 million in annual revenue. The transaction is expected to close in H1 2026.

Apple remains the holdout. Per MacRumors, Eddy Cue told Screen International in November 2025 that Apple has 'no plans' for an ad-supported streaming tier but added, 'I don't want to say no forever.' MediaPost reported in April 2026 that Apple projects $10 billion in direct ad revenue (excluding its Google search partnership) from Maps, Mail, App Store, and Siri — but video remains absent from that mix.