Insiders

Fox Closes Its $22 Billion Roku Deal Months Early and Becomes a Streaming Giant

Fox has completed its $22 billion acquisition of Roku, closing one of the biggest media deals in recent years months ahead of schedule and creating the third-largest television business in the US by viewership.

jajoy39

Nov 8, 2026 - 09:47

0 3

A TV with a streaming remote — Fox has closed its $22 billion Roku deal.

Fox Closes Its $22 Billion Roku Deal Months Early and Becomes a Streaming Giant

Fox has completed its $22 billion acquisition of Roku, wrapping up one of the biggest media deals in recent years and giving the company a major boost in the streaming and connected TV space.

Announced on Friday, the deal brings the streaming company founded in 2002 formally under Fox's ownership. Fox says the combined company now ranks as the third-largest television business in the US by viewership.

The acquisition closed much earlier than expected. When the deal was first announced in June, the companies projected it would be completed in the first half of 2027. It closed in under six months instead, after the Justice Department finished its antitrust review — issuing a second request for information two months ago — and shareholders approved the terms in October.

Under the terms, each Roku share was converted into $95.30 in cash and 0.9799 shares of Fox Class A common stock. Fox shareholders now own about 74% of the combined company, while former Roku shareholders own about 26%. Roku shares ceased trading on the Nasdaq on Friday.

Roku founder Anthony Wood, who started the company more than two decades ago, will join the Fox board of directors and serve as co-chair of Fox Digital Platforms, a newly formed division that also includes Tubi, Fox One and Red Seat Ventures.

The deal extends Fox's distribution to more than 100 million streaming households in the United States. Together, Tubi and Roku already account for 4.8% of total TV streaming viewing in the United States, tying Disney.

Fox expects to achieve approximately $400 million of run-rate cost synergies within two years of closing, and anticipates the transaction will be accretive to free cash flow per share by the second full year. Fox also agreed to keep Roku open and neutral for rival content, with data firewalls to protect competing services on the platform.

The deal follows a wave of consolidation across local and streaming TV, including Nexstar's $6.2 billion acquisition of Tegna, as broadcasters race to build scale in a streaming market dominated by Netflix and YouTube.