Fox Completes $22 B Roku Acquisition, Creating Major Streaming Powerhouse

Fox Corp. completed its $22 billion acquisition of Roku on Friday, adding Roku's connected TV platform, which reaches more than 100 million households, to a streaming portfolio that already includes Tubi and FOX One. The deal gives Fox control of The Roku Channel alongside Tubi, the second- and third-largest free streaming services by US TV viewership behind YouTube. Fox says the combined company now ranks as the third-largest television business in the US by viewership.

The close came much earlier than planned. When the deal was announced in June, the companies projected completion in the first half of 2027, and the Justice Department issued a second request for information in September as part of its antitrust review. "Fox quickly closed on Roku before Democrats could control Congress and mount any opposition," said Emarketer analyst Ross Benes.

Leadership is being reshuffled. Wood joins the Fox board and co-chairs the new FOX Digital Platforms division, which houses Roku, Tubi, FOX One and Red Seat Ventures, alongside Paul Cheesbrough, who becomes the division's co-chair and CEO. Mustafa Ozgen, Roku's president of devices, products and technology, becomes Roku CEO, while Roku executives Charlie Collier and Chris Handman and Tubi CEO Anjali Sud are leaving.

Fox expects about $400 million of run-rate cost synergies within two years and says the deal will be accretive to free cash flow per share by the second full year after closing. Roku brings an advertising business that generated more than $727 million in its September quarter, up 23% from a year earlier. For FOXA investors, the questions now are how quickly those savings arrive and whether Fox can turn Roku's reach into faster ad growth across live sports, news and free streaming.