Fox Completes $22 Billion Roku Acquisition

Fox Corp. announced on Friday that it completed its $22 billion acquisition of Roku, expanding its streaming presence that already includes Tubi and FOX One.

The Department of Justice’s Antitrust Division closed its investigation into the deal after finding it “is not likely to result in harm to competition.”

Fox made several commitments to the DOJ in connection with the deal:

  • Fox will continue carrying non-Fox content on Roku for a period of at least three years “consistent with historical Roku practice.”
  • Fox “will not discriminate against non-Fox content” in search results, and will continue to allow users to reconfigure application configurations on the home screen.
  • Fox will continue to provide data products to third parties on commercially reasonable terms consistent with Roku’s standard distribution agreement.
  • Fox will maintain existing contractual firewall commitments to content partners for competitively sensitive non-Fox content data for a period of at least three years.

According to the DOJ, “Consistent with the Division’s finding that the transaction is unlikely to result in harm to competition, Fox has committed that Roku will remain an open and neutral content partner post-merger.”

Fox expects to achieve about $400 million of run-rate cost synergies within two years of the transaction’s close, with additional potential revenue upside, and will be accretive to free cash flow per share by the second full year after closing.

Roku founder Anthony Wood will join the FOX board of directors and will also serve as co-chair of FOX Digital Platforms, a newly formed division that includes Roku, Tubi, FOX One, Red Seat Ventures and other digital products and services across the company. Wood will serve alongside Paul Cheesbrough, who moves into the role of co-chair and CEO of the 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 Corp. CEO Lachlan Murdoch said in a statement Friday.

Wood said in a statement: “We started Roku more than two decades ago to give people a better way to watch TV, and that mission doesn’t change today.”

In the first nine months of 2026, Roku delivered 23% revenue growth for the period to hit $4.1 billion in sales. About 49% of that came from advertising and 40% is from subscriptions.

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.