Fox Corporation announced it has completed its $22 billion acquisition of Roku, a deal first struck as a cash-and-stock agreement back in June 2026 that now hands the media giant direct access to one of the largest streaming platforms in the world. The deal closed November 6, 2026, giving Fox a foothold deep inside the living rooms of more than 100 million households that use Roku's platform.
According to Fox Corporation, the company today announced the successful completion of its acquisition of Roku, with Roku's open distribution platform continuing to serve more than 100 million households worldwide. Under the finalized terms, Roku shareholders were entitled to $95.30 in cash plus 0.9799 shares of Fox Class A common stock for each Roku share they held. That figure differs from terms reported by Reuters in September, when the news service described proposed consideration of $96 in cash and about 0.97 Fox Class A shares per Roku share, valuing the offer at $160 per share; the dossier does not explain why or when the terms shifted between the two reports.
Once the dust settled, Fox stockholders ended up owning approximately 74% of Fox's outstanding common stock, with former Roku stockholders holding the remaining 26%, per the same investor relations statement. Fox, long seen as a media company reliant on cable TV, is framing the purchase as a way to build a larger digital audience, sharpen ad targeting, and expand the online reach of its sports and news programming, according to Reuters.
A New Digital Division Takes Shape
Roku founder Anthony Wood is joining Fox's board of directors and will co-chair the newly formed Fox Digital Platforms division alongside Paul Cheesbrough, the company told TheWrap. That division will house Roku, Tubi, Fox One and Red Seat Ventures, according to the Hollywood Reporter, consolidating Fox's streaming assets under a single leadership structure for the first time.
Fox expects the acquisition to generate about $400 million in annual run-rate cost synergies within two years of closing, and anticipates the deal will be accretive to free cash flow per share by the second full year after the transaction, per its investor relations statement. Buying Roku will help Fox scale its advertising business while giving it control of The Roku Channel in addition to Tubi, Business Insider reports.
Streaming's Ad Dollars Keep Growing
The timing lines up with a broader advertiser pivot away from traditional linear television and toward connected TV, which offers more precise audience targeting and measurement, Reuters has reported. Roku itself said earlier in April 2026 that it had surpassed 100 million streaming households worldwide, and its Platform segment revenue grew 28% to $1.13 billion in the first quarter, beating an estimate of $1.01 billion. The company subsequently raised its 2026 platform revenue growth forecast to 21%, or $5 billion, up from its prior projection of 18%, or $4.89 billion.
Roku's advertising business has kept climbing too, driving more than $727 million in ad revenue in its September quarter, up 23% from a year earlier, per Business Insider's report. Including linear television, the combined Fox-Roku company accounted for 8.5% of total TV viewership for the month and ranked as the fourth largest media distributor, TheWrap notes. Business Insider also cites Nielsen data indicating that Roku, Tubi and Fox's broadcast and cable networks together now generate more U.S. TV viewership than Netflix or NBCUniversal.
Regulatory Scrutiny Lingers in the Background
The deal had not been without friction. Roku shares fell about 2% in extended trading after Reuters reported in September that the Justice Department had widened its antitrust probe into the merger. A Securities and Exchange Commission filing excerpt from around that time records that the agency issued a Second Request on September 8, 2026, with Fox and Roku saying they would continue cooperating with the DOJ's review.
Still, Fox pressed ahead to closing, betting that folding Roku's massive at-home reach into its existing Tubi and Fox One streaming products will pay off as viewers keep drifting from cable boxes to streaming apps. With Wood now helping steer the combined company's digital strategy from inside Fox's boardroom, the next test will be whether the promised ad-targeting gains and cost savings actually materialize over the coming two years.
