The media company now reaches more than 100 million streaming households and says Roku will remain an open platform for rivals as well as its own channels.
Fox Corporation said on Friday, November 6, that it had completed its acquisition of Roku, according to the company's official announcement. Variety and TechCrunch both valued the completed deal at $22 billion. The close came well ahead of the first-half-2027 timetable the companies set when they announced the agreement in June, TechCrunch reported.
A Streaming Company Overnight
In its statement, Fox said the combination of its live sports, news and local programming with Roku's connected-TV platform, which reaches more than 100 million households worldwide, creates "new opportunities for the Company to serve its viewers, advertisers and partners." TechCrunch reported that Fox said the combined company now ranks as the third-largest television business in the United States by viewership.
Roku will remain, Fox pledged, "a leading open ecosystem for the broader streaming industry." Variety wrote that the promise means Fox says it will not, for example, remove competing services or give exclusive placement to Fox News or the Fox One streaming package on Roku. That pledge matters because Roku's value to consumers and to other studios is the range of apps it already carries, including services that compete with Fox.
How the Deal Was Built
Under the merger terms published by Fox, Roku stockholders are entitled to $95.30 in cash and 0.9799 shares of Fox Class A common stock for each Roku Class A or Class B share they owned immediately before closing. After the transaction, Fox stockholders own about 74 percent of outstanding Fox common stock and former Roku stockholders own about 26 percent. Roku shares were to cease trading on Nasdaq on the day of the announcement.
Variety reported that Fox announced the agreement in June at $160 a share, in a mix of about $14.2 billion in cash and the rest in Fox Class A stock. Shareholders of both companies approved the deal on October 14, Variety said. TechCrunch noted that the U.S. Justice Department had issued a second request for information two months before the close as part of its antitrust review, and that more recent reports had suggested regulatory approval was near.
Who Will Run What
Roku founder Anthony Wood will join the Fox board. He will serve as co-chair of Fox Digital Platforms, a new division that includes Roku, Tubi, Fox One, Red Seat Ventures and other digital products, alongside Paul Cheesbrough, who becomes co-chair and chief executive of the division, Fox said.
"The closing of this acquisition advances the long-term strategy of FOX," executive chair and chief executive Lachlan K. Murdoch said in the company's statement. "Beginning today, our top priority for the combined company is to continue to relentlessly serve audiences and partners, while reinforcing the openness and choice that is the essence of the Roku platform."
Wood said Roku's mission "doesn't change today. What does change is our reach and resources." He added that Fox "wholly shares our commitment to staying open to every content partner."
Variety, citing a memo from Cheesbrough, reported that Roku will be led by chief executive Mustafa Ozgen, formerly Roku's president of devices, products and technology. It also said Charlie Collier, president of Roku Media, and Tubi chief executive Anjali Sud are leaving the merged company.
Synergies, and the Business Fox Is Buying
Fox said it expects about $400 million of run-rate cost synergies within two years of closing, with additional potential revenue upside, and that the deal should be accretive to free cash flow per share by the second full year after closing. Variety noted that a synergy target of that size "suggest[s] layoffs are in the offing." Fox's statement did not itself announce job cuts.
The business underneath those targets has been growing. Variety reported that in the first nine months of 2026, Roku delivered 23 percent revenue growth to $4.1 billion in sales, with about 49 percent from advertising and 40 percent from subscriptions. In the third quarter, it said, Roku's total gross profit was $649 million, up 24 percent, and net income was $183 million, more than seven times the year-earlier quarter.
Analysis: Fox is buying distribution as traditional television audiences fragment. Owning the interface that sits in more than 100 million homes gives it leverage with advertisers and a direct line to viewers who no longer find Fox only through a cable bundle. The risk, which Fox itself is trying to head off with its "open ecosystem" language, is that other programmers treat a Fox-owned Roku as a less neutral storefront. Whether that promise holds will be judged by what users can still find on the home screen, not by the press release.
What Happens Next
The immediate work is integration: combining operations without driving away the content partners that make Roku useful, and finding the cost savings Fox has told investors to expect. Wood's move onto the Fox board is meant to signal continuity. The departures Variety reported at Roku Media and Tubi show that not every senior role is being preserved.
Roku is now a wholly owned part of Fox, its shares are off the public market, and a deal that was not supposed to close until 2027 is already done. The next test is whether a platform built on being everyone's front door can thrive inside a company that also sells its own channels.