A few months ago, I asked media analyst Rich Greenfield why no one had bought Roku, the ubiquitous streaming-device maker whose operating system controls smart TVs in more than 100 million households globally—far ahead of competitors like Amazon and Apple. Rich was confounded, too. As of March, the Roku Channel accounted for 3 percent of all connected TV viewing in the U.S., according to Nielsen, ahead of both Paramount+ and HBO Max. It’s also now the fastest-growing platform behind YouTube, per Nielsen and Roku. More than 145 billion hours were streamed in 2025—the same year Roku swung into profitability. I figured that made Roku a pretty good M&A target.