Fox Corporation completed its $22 billion acquisition of Roku on November 6, 2026, triggering a significant leadership shakeup that includes the departure of Tubi CEO Anjali Sud, according to The Wrap.
Pete Distad, CEO of Fox’s direct-to-consumer business and a former Apple executive who helped launch Fox One, will now oversee Tubi along with Roku’s Frndly TV. Mike Bidgoli, an early Tubi investor who previously led its product and engineering teams, has been promoted to president of Tubi and will report to Distad.
The changes form part of a broader restructuring announced the same day the deal closed—months ahead of the original first-half 2027 target. Roku founder Anthony Wood is stepping down as CEO of the platform he built more than two decades ago. He will join Fox’s board of directors and serve as co-chair of the newly formed Fox Digital Platforms division alongside Cheesbrough, who becomes co-chair and CEO of the unit. The division houses Roku, Tubi, Fox One, Red Seat Ventures, and other digital assets.
Mustafa Ozgen succeeds Wood as CEO of Roku. He previously led the company’s device, product, and technology organization and will now also oversee the Roku Channel, AdRise advertising technology, subscriptions, and related businesses. Roku’s open platform, which reaches more than 100 million households, will remain open to content partners, according to the company.
Other departures include Charlie Collier, president of Roku Media since 2022 (and a former CEO of Fox Entertainment); Chris Handman, Roku’s general counsel; and Robyn Peterson, an executive at AdRise. Lisa Holme, head of content for The Roku Channel, will report to Distad while working with Tubi’s content team. Advertising sales across the combined portfolio will continue to report to Jeff Collins, Fox’s president of advertising sales.
Under the merger terms, Roku stockholders received $95.30 in cash and 0.9799 shares of Fox Class A common stock per share. Former Roku shareholders own roughly 26% of the combined company, while existing Fox shareholders hold about 74%. Roku shares ceased trading on the Nasdaq. Fox expects approximately $400 million in annual cost synergies within two years.
Lachlan Murdoch, Fox’s executive chair and CEO, said the closing “advances the long-term strategy of Fox” and that the top priority is to “continue to relentlessly serve audiences and partners, while reinforcing the openness and choice that is the essence of the Roku platform.” Wood added that Roku’s mission remains unchanged while its “reach and resources” expand under Fox.
The combination gives Fox control of two of the largest free streaming services (Tubi and The Roku Channel) plus a major connected-TV platform, positioning the company as a significantly larger player in the streaming and advertising markets. Town halls are scheduled in the coming days in San Jose, San Francisco, Los Angeles, Austin, and New York to discuss the new structure.
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