Fox completes $22 billion Roku takeover, months ahead of schedule

Fox Corporation has completed its $22 billion acquisition of Roku, the company said on Friday, November 6, bringing the streaming-TV platform under the same roof as Tubi, Fox One and its broadcast and news businesses.

Roku shares stopped trading on Nasdaq at closing. Each Roku share, Class A and Class B, was converted into $95.30 in cash plus 0.9799 Fox Class A shares. Fox stockholders now hold about 74% of the combined company and former Roku holders about 26%.

Who runs what

Lachlan Murdoch stays Executive Chair and CEO of Fox. Roku founder Anthony Wood joins the Fox board and becomes Co-Chair of a new Fox Digital Platforms division, which also takes in Tubi, Fox One and Red Seat Ventures. Paul Cheesbrough is its Co-Chair and CEO.

“Beginning today, our top priority for the combined company is to continue to relentlessly serve audiences and partners,” Murdoch said. Wood said of the change for Roku’s teams: “What does change is our reach and resources.”

Fox says Roku will keep running as an open platform for content partners, and that the combined business is the third-largest US television business by viewership.

The numbers and the timing

Fox expects about $400 million in run-rate cost savings within two years of closing, plus possible revenue gains, and says the deal should lift free cash flow per share by the second full year. Roku reaches more than 100 million households, which Fox wants to use to sharpen advertising and reduce its reliance on traditional TV distribution.

The deal closed far sooner than planned. The companies had expected to finish in the first half of 2027, and the US Justice Department had issued a second request for information about two months before closing.