Fox Corporation has completed its $22 billion acquisition of Roku, closing one of the biggest media deals of the year and turning the cable-reliant broadcaster into one of the largest streaming businesses in the United States.
The deal, announced in June and completed on Friday, gives Fox control of the Roku platform, which reaches more than 100 million households worldwide. Fox said the combination of its live sports, news and local programming with Roku’s connected television platform would create new opportunities to serve viewers, advertisers and partners.
Under the terms agreed in June, Roku shareholders receive $95.30 in cash and 0.9799 shares of Fox Class A common stock for each Roku share they held. Fox shareholders now own about 74 per cent of the combined company, with former Roku shareholders holding the remaining 26 per cent. Roku shares will cease trading on the Nasdaq as of Friday.
Fox expects about $400 million of annual run-rate cost savings within two years of closing, with further revenue upside, and says the deal should add to free cash flow per share by the second full year after completion. Those figures are the company’s own forecasts and have yet to be tested.
The acquisition is a major bet that streaming distribution and advertising will matter more to Fox’s future than its traditional cable business. Roku’s platform is the largest gateway to streaming television in the US, and owning it gives Fox a direct relationship with viewers and far richer data for targeting advertisements, alongside its existing services Tubi and FOX One.
Fox has sought to reassure rival media companies that Roku will stay open to all content partners. Roku’s value rests on its position as a neutral platform, and any sign that Fox might favour its own programming over competitors’ could undermine the business it has just bought.
Lachlan Murdoch, Fox’s executive chair and chief executive, said the closing advanced the company’s long-term strategy, adding that its top priority was to keep serving audiences and partners “while reinforcing the openness and choice that is the essence of the Roku platform”.
Roku founder Anthony Wood, who joins the Fox board and will co-chair the new FOX Digital Platforms division with Paul Cheesbrough, said the mission he started more than two decades ago had not changed. “What does change is our reach and resources,” he said. “FOX has a deep respect for Roku’s culture and wholly shares our commitment to staying open to every content partner.”
Sources: Reuters, “Fox completes $22 billion Roku deal to expand digital reach”, https://www.reuters.com/legal/transactional/fox-completes-22-billion-roku-deal-expand-digital-reach-2026-11-06/ ; Fox Corporation press release, “Fox Corporation Completes Acquisition of Roku”, via The Futon Critic, http://thefutoncritic.com/news/2026/11/06/fox-corporation-completes-acquisition-of-roku-12313/20261106fox01/
