Shareholders of Fox Corp. and Roku voted to approve the $22 billion acquisition. The deal, valued at $160 per share, is expected to close in the first half of 2027 pending regulatory clearance.
Shareholders of Fox Corp. and Roku have voted to approve Fox’s $22 billion acquisition of the streaming-video platform company. The votes took place during separate special meetings held on Wednesday, with a majority of shares from both companies favoring the deal. Final vote tallies are scheduled to be released in regulatory filings.
The acquisition was announced in June and values Roku at $160 per share. The transaction is structured as a combination of approximately $14.2 billion in cash and the remainder in Fox Class A common stock. According to Cord Cutters News, each share of Roku common stock will be exchanged for $96 in cash and 0.9693 shares of Fox Class A common stock.
Upon completion of the merger, existing Fox shareholders will own approximately 73% of the combined entity, while Roku shareholders will retain the remaining 27%. The deal involves a two-step merger process where a Fox subsidiary merges into Roku, which then survives as a wholly owned subsidiary of Fox before merging into another Fox subsidiary. Roku founder and CEO Anthony Wood will have an ongoing role at the combined company.
The transaction remains subject to clearance by the U.S. Department of Justice (DOJ) and other regulators. In September, the DOJ issued a "second request" for additional documents under the Hart-Scott-Rodino antitrust act. This request extends the waiting period for 30 days after Fox and Roku have "substantially replied" to the information request.
Fox currently expects the acquisition to be completed in the first half of calendar year 2027. The companies have identified approximately $400 million in annual run-rate cost synergies from the combination, according to Cord Cutters News.
The merger aims to enhance Fox’s streaming footprint, particularly in the free, ad-supported streaming space. Fox already owns Tubi, which reaches 110 million monthly active users, while Roku reaches more than 100 million streaming households. The combination would create the third-largest media distributor in the U.S., trailing behind YouTube and the combined Paramount-Warner Bros. Discovery entity, which was renamed to Skydance.
Fox Corp. CEO Lachlan Murdoch described the deal as a "transformative transaction" that pairs Fox’s "high-impact live sports and news content" with Roku’s "leading streaming distribution and technology platform." Fox stated it is "committed to continuing to operate Roku as an open, partner-friendly platform."
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
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