Fox Corporation completed its $22 billion acquisition of Roku on November 6, 2026, transforming the Murdoch-controlled broadcaster into a major force in streaming and connected TV. The cash-and-stock deal, first announced in June, closed well ahead of the originally projected first half of 2027. It gives Fox direct access to Roku’s platform, which reaches more than 100 million streaming households worldwide, while pairing it with Fox’s existing free ad-supported service Tubi and its Fox One streaming product.
Under the merger terms, Roku stockholders received $95.30 in cash and 0.9799 shares of Fox Class A common stock for each share of Roku Class A or Class B stock they held. After the close, existing Fox stockholders own approximately 74% of the combined company and former Roku stockholders own about 26%. Roku shares ceased trading on the Nasdaq. Fox expects roughly $400 million in annualized run-rate cost synergies within two years and anticipates the transaction will be accretive to free cash flow per share by the second full year after closing, with additional revenue upside from advertising, distribution, and content.
To secure clearance from the Department of Justice Antitrust Division, Fox agreed to a set of specific commitments designed to keep Roku an “open and neutral content partner.” The DOJ closed its investigation after concluding the deal was unlikely to substantially harm competition, citing the expected entry of other free ad-supported streaming options and the practical reality that Roku’s value depends on offering a broad range of content. Consumers could switch platforms if the experience degraded, the agency noted.
The four commitments Fox made are:
- It will continue carrying non-Fox (“unaffiliated”) content on Roku for at least three years, consistent with historical Roku practice.
- It will not discriminate against non-Fox content in search results, and it will continue to allow users to reconfigure application placements and tiles on the Roku home screen.
- It will continue providing data products to third parties on commercially reasonable terms consistent with Roku’s standard distribution agreement.
- It will maintain existing contractual firewall commitments protecting competitively sensitive non-Fox content data—including aggregated and non-aggregated click, search, view, and voice data—for at least three years.
These pledges address core antitrust concerns that a Fox-owned Roku might favor Fox News, Fox Sports, Fox One, or Tubi in discovery, placement, or data usage at the expense of rivals. Fox and Roku have publicly reinforced the message that the platform’s success has always depended on openness to partners, and that the goal is to grow the number of households choosing Roku by maintaining or expanding content choice.
Leadership integration accompanies the close. Roku founder Anthony Wood joined Fox’s board and will serve as co-chair of a new Fox Digital Platforms division that encompasses Roku, Tubi, Fox One, and related businesses. Paul Cheesbrough serves as co-chair and CEO of the division. Some executives, including Roku Media president Charlie Collier and Tubi CEO Anjali Sud, are departing.
The combination gives Fox a powerful distribution layer for its live sports, news, and local stations at a time when traditional pay-TV continues to decline. It also expands Fox’s position in free, ad-supported streaming and connected-TV advertising. Whether the commitments fully reassure content partners and regulators over the long term will be tested in practice, but the DOJ’s clearance and Fox’s documented pledges cleared the final major hurdle for the deal.
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