Fox Corporation has completed its $22 billion acquisition of Roku, accelerating its expansion into streaming and connected television as traditional media companies seek new sources of advertising revenue.
The transaction, announced on June 15 and finalized on November 6, 2026, closed several months ahead of the original timetable, which had anticipated completion during the first half of 2027.
The cash-and-stock deal brings Roku’s streaming platform, which reaches more than 100 million households worldwide, under Fox’s ownership.
Fox Expands Digital Distribution and Advertising
The acquisition combines Fox’s news, sports and entertainment programming with Roku’s connected TV operating system, advertising technology and distribution network.
Fox’s digital portfolio now includes Roku, the free streaming service Tubi, FOX One and Red Seat Ventures.
The company expects the combination to strengthen its advertising capabilities through improved audience targeting and expanded digital distribution.
Fox projects approximately $400 million in annualized cost savings within two years of the transaction’s completion. It also expects the acquisition to contribute positively to free cash flow per share by the second full year following closing.
Roku Founder Joins Fox Leadership
Under the final agreement, Roku shareholders will receive $95.30 in cash and 0.9799 shares of Fox Class A common stock for each Roku share.
Existing Fox shareholders will own approximately 74% of the combined company’s outstanding shares, while former Roku shareholders will hold about 26%.
Roku founder Anthony Wood will join Fox’s board of directors and serve as co-chair of the newly established Fox Digital Platforms division alongside Paul Cheesbrough, who will also serve as the division’s chief executive.
Roku shares ceased trading on the Nasdaq following completion of the acquisition.
Regulatory Commitments and Platform Access
The transaction followed an antitrust review by the US Department of Justice.
As part of the regulatory resolution, Fox agreed to maintain Roku’s open platform model, including continued access for competing streaming services and content providers.
The acquisition gives Fox ownership of a major connected TV distribution platform while expanding its exposure to digital advertising and streaming services.
