Fox Closes $22 Billion Roku Acquisition Months Ahead of Schedule

Fox Corp. closed its $22 billion acquisition of Roku today, Nov. 6, less than five months after announcing the deal in June. When the companies first unveiled it, they projected a close in the first half of 2027.

Roku shares stop trading on the Nasdaq as of today.

The terms

Roku stockholders receive $95.30 in cash and 0.9799 shares of Fox Class A stock for each Roku Class A and Class B share they held before closing. Fox shareholders now own about 74% of the combined company. Former Roku holders own about 26%.

Fox says it expects roughly $400 million in annual run-rate cost savings within two years of closing. It also expects the deal to add to free cash flow per share by the second full year after closing.

Roku's platform reaches more than 100 million households, most of them in the U.S. In its quarterly report earlier this week, Roku posted platform revenue of $1.3 billion, up 23% from a year earlier, and adjusted EBITDA of $248.8 million, up 113%.

Who runs what

Anthony Wood, who founded Roku in 2002, joins the Fox board. He also becomes co-chair of Fox Digital Platforms, a new division that houses Roku, Tubi, Fox One, Red Seat Ventures and other digital businesses.

Paul Cheesbrough is co-chair and CEO of that division.

"Beginning today, our top priority for the combined company is to continue to relentlessly serve audiences and partners, while reinforcing the openness and choice that is the essence of the Roku platform," Fox CEO Lachlan Murdoch said in a statement.

Wood said Roku's mission "doesn't change today. What does change is our reach and resources."

Beyond the top jobs, the structure is unsettled. Deadline noted that questions remain over how Fox will organize its advertising and product teams. Charlie Collier, a former Fox Entertainment CEO, has been president of Roku Media since 2022. Variety reported separately that Collier and Anjali Sud are set to exit.

Fox has not said where the $400 million in savings will come from. Variety wrote that the target suggests layoffs.

The scale play

Fox already owned Tubi, the free ad-supported service it bought in 2020. Adding Roku and its Roku Channel gives Fox two of the largest free streaming services in the country.

Fox says the combined company is the third-largest TV business in the U.S. by viewership. Business Insider, citing Nielsen, reports that Roku, Tubi, Fox's broadcast network and its cable channels together draw more U.S. TV viewership than Netflix or NBCUniversal.

Mike Proulx, a media analyst at Forrester, said Fox "has been the only major broadcast network lagging behind streaming scale" and that the deal gives it "more traction in streaming through a backdoor that's not getting enough attention."

Sports are part of the pitch. Tubi streamed Super Bowl LIX in February 2025 to an average minute audience of 13.6 million. It is carrying the Eagles-Cowboys Thanksgiving Day game this month.

Timing and the opposition view

The Justice Department issued a second request for information in September, a step that widens an antitrust review. Fox called the request expected. Reports earlier this week said the DOJ was nearing sign-off, and Murdoch indicated that regulators outside the U.S. had approved. Fox did not take questions on the Roku deal during its earnings call earlier this week.

Ross Benes, an analyst at Emarketer, read the speed as political. "Fox quickly closed on Roku before Democrats could control Congress and mount any opposition," he said. Fox has given no such reason for the timing.

Fox has made an explicit pledge on the platform's neutrality. Its announcement says Roku "will continue to play its role as a leading open ecosystem for the broader streaming industry." Variety interprets that to mean Fox News and the Fox One package will not automatically get exclusive or favored placement on Roku. Wood said Fox "wholly shares our commitment to staying open to every content partner."

That promise comes from the buyer, and nothing outside the company's own word enforces it. Roku sits between every competing streamer and tens of millions of living rooms, and Fox now owns it. How the home screen, search and ad placement treat rivals will show whether the pledge holds.

The next hard numbers are the $400 million savings target, due by late 2028, and the executive lineup under Cheesbrough and Wood.