Fox Corporation has completed its $22 billion acquisition of Roku, expanding its presence in the U.S. streaming and connected television market. The transaction, announced on November 6, 2026, brings Roku’s streaming platform and its reach of more than 100 million households under Fox’s ownership.
According to Fox’s official announcement, the acquisition combines its television programming and digital services with Roku’s connected TV platform. Fox said the combined business now ranks among the largest television companies in the United States by audience reach.
Fox Expands Streaming and Advertising Reach
The acquisition gives Fox Corporation access to Roku’s distribution network, which supports thousands of streaming applications and channels. Fox plans to use the expanded audience reach to strengthen its advertising capabilities, improve targeting, and increase revenue from connected television services.
The company expects approximately $400 million in annualized cost savings within two years of completing the transaction. Fox also anticipates that the acquisition will contribute positively to free cash flow per share by the second full year following the closing.
Roku will continue operating as an open streaming platform that provides access to content from multiple providers. Fox said maintaining this approach is important to preserving Roku’s relationships with viewers, advertisers, and distribution partners.
Roku Founder Joins Fox Board
Roku founder Anthony Wood will join Fox’s board of directors and serve as co-chair of the newly established Fox Digital Platforms division. The division includes Roku, Tubi, FOX One, Red Seat Ventures, and other digital services operated by the company.
Paul Cheesbrough will serve alongside Wood as co-chair and chief executive officer of Fox Digital Platforms. The new organizational structure brings Fox’s streaming products and Roku’s technology operations under a common leadership team.
Wood said the acquisition would provide Roku with additional resources while maintaining its original focus on making television content accessible to consumers. Fox CEO Lachlan Murdoch similarly emphasized preserving the platform’s openness and supporting its relationships with content partners.
Acquisition Closes Ahead of Original Schedule
Fox first announced its agreement to acquire Roku in June 2026, with both companies initially expecting the transaction to close during the first half of 2027. The deal was completed several months ahead of that schedule following regulatory review.
In September, the U.S. Department of Justice issued a second request for information as part of its antitrust investigation. Reports in early November indicated that the transaction was approaching regulatory clearance.
Under the merger agreement, Roku shareholders will receive $95.30 in cash and 0.9799 Fox Class A shares for each Roku share held before closing. Existing Fox shareholders will own approximately 74% of the combined company, while former Roku shareholders will hold approximately 26%.
Roku shares will cease trading on the Nasdaq following completion of the acquisition. Its streaming platform will continue operating under Fox’s ownership.
Featured image credits: Wikimedia Commons
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