Fox Roku Acquisition Closes at $22 Billion, Expanding Its Streaming Business
Fox Corporation has completed its $22 billion acquisition of Roku, bringing one of the largest connected TV platforms into its media business. The Fox Roku acquisition, announced in June 2026, gives the broadcaster direct access to a streaming platform reaching more than 100 million households worldwide.
The transaction is intended to strengthen Fox’s digital advertising business and expand the online distribution of its sports, news and entertainment programming. It also moves the company further into connected television, a market where streaming platforms and advertising technology are becoming increasingly important to media businesses.
Fox completes the $22 billion Roku acquisition
Fox confirmed the completion of the acquisition on November 6. The deal was originally announced in June and valued Roku at approximately $22 billion in enterprise value. It was structured as a combination of cash and Fox Class A common stock.
Under the final transaction terms, Roku shareholders are entitled to receive $95.30 in cash and 0.9799 shares of Fox Class A common stock for each Roku share. Following completion, existing Fox shareholders own approximately 74% of the combined company's outstanding shares, while former Roku shareholders hold around 26%. Roku shares will cease trading on Nasdaq following the closing. <Cite refs={["turn231271search0","turn231271search9"]} />
Roku gives Fox a larger connected TV audience
The acquisition brings together Fox's portfolio of news, sports and entertainment programming with Roku's connected TV platform and direct relationships with streaming households. Fox expects the combination to improve its ability to reach viewers through digital channels and offer advertisers more opportunities to target audiences.
Roku's platform will continue operating as an open distribution ecosystem, providing access to thousands of applications and channels. Fox has said it intends to preserve the platform's choice for viewers and content partners rather than limiting it to Fox-owned services. <Cite refs={["turn231271search0","turn231271search4"]} />
The combined business will also include Fox's existing streaming services, including Tubi and Fox One. The move gives Fox a broader presence across free ad-supported streaming, subscription-based services and connected TV distribution.
Fox expects cost savings from the combination
Fox expects the acquisition to generate approximately $400 million in annualised cost synergies within two years of closing. The company also anticipates additional revenue opportunities and expects the transaction to become accretive to free cash flow per share by the second full year after completion. These are management expectations and will depend on how the combined businesses perform. <Cite refs={["turn231271search0","turn231271search1"]} />
Roku founder Anthony Wood will join the Fox board and serve as co-chair of the newly formed Fox Digital Platforms division. Paul Cheesbrough will serve alongside him as co-chair and chief executive of the division. It will bring together Roku, Tubi, Fox One, Red Seat Ventures and other digital products.
The completed acquisition marks a significant expansion of Fox's streaming and advertising operations. Rather than relying primarily on traditional television distribution, the company now has a much larger connected TV platform through which it can distribute content, build audience relationships and develop digital advertising opportunities.
