The U.S. Department of Justice is taking a closer look at Fox Corporation’s planned $22 billion acquisition of Roku, sending both companies a formal request for additional information and documents. The step, known as a second request, extends the federal antitrust review but does not mean regulators have decided to challenge the transaction.
Fox and Roku received the request on September 8, according to an SEC filing. The filing states that the companies will continue cooperating with the DOJ and still expect the deal to close during the first half of 2027, subject to regulatory and shareholder approvals.
Regulators Are Examining the Combined Streaming Business
Fox announced the Roku acquisition in June, offering $160 per Roku share through a combination of cash and Fox stock. The transaction would combine Fox’s sports, news and entertainment businesses, including Tubi, with Roku’s connected-TV operating system, The Roku Channel and advertising technology.
Roku reaches more than 100 million streaming households globally, while its operating system is built into millions of televisions and streaming devices. That position gives Roku influence over how viewers find apps and content, creating potential competition questions once the platform is owned by a major content provider.
Rivals could face questions over whether Fox services receive more prominent placement on Roku devices or whether competing streaming apps receive different treatment. Regulators may also examine how Roku’s first-party viewing data could interact with Fox’s advertising operations.
Fox has said it intends to maintain Roku as an open platform that continues working with outside content providers. CEO Lachlan Murdoch has also said the companies are expected to continue operating their businesses separately.
Second Request Extends the Antitrust Timeline
A second request requires companies to provide regulators with additional records before the merger review can proceed. Under the Hart-Scott-Rodino Act, the waiting period will now continue until 30 days after both companies substantially comply with the request, unless the DOJ ends the period earlier or another extension is agreed.
Semafor first reported that the DOJ was widening its review, citing people familiar with the process. The publication reported that concerns include how the combined company could affect consumer access to streaming content.
The review also comes as the Justice Department faces public scrutiny over its handling of large media transactions involving politically connected executives. The Murdoch family has ties to President Donald Trump, while critics have separately questioned the approval process surrounding other recent media mergers involving people connected to the administration.
Featured image credits: Wikimedia Commons
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