Fox Corporation has officially completed its $22 billion acquisition of streaming platform Roku, bringing one of the biggest connected TV businesses in the United States under the same corporate umbrella as FOX, Tubi, and FOX One. The deal closed on November 6, 2026, several months ahead of the originally anticipated timeline.

Announced in June 2026, the acquisition combines FOX’s portfolio of live sports, news, and entertainment programming with Roku’s connected TV platform, which reaches more than 100 million households worldwide. The move gives FOX a significantly larger presence in the streaming market while expanding its advertising and digital distribution capabilities.

FOX originally expected the transaction to close in the first half of 2027. However, the company has now completed the acquisition earlier than anticipated, marking a major step in its strategy to expand beyond traditional television broadcasting.

Roku becomes part of FOX’s expanding streaming business

The acquisition brings together several major streaming properties under FOX’s newly expanded digital business. Its portfolio now includes Roku, Tubi, FOX One, Red Seat Ventures, and other digital products and services.

The combination gives FOX access to Roku’s connected TV technology, home screen, advertising capabilities, and direct relationships with viewers. In return, Roku becomes part of a larger media organization with established programming across live sports, news, and entertainment.

According to FOX, the combined business is expected to benefit from approximately $400 million in annualized 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 its second full year after completion.

Despite the change in ownership, FOX says Roku will continue operating as an open distribution platform for the broader streaming industry. Viewers will retain access to thousands of apps and channels, while existing content partners will continue to have access to the platform.

This commitment is particularly important because Roku’s position in the streaming market is built around distributing content from a wide range of providers rather than operating as a platform exclusively for its owner’s programming.

Anthony Wood joins FOX’s board and new digital division

Roku founder Anthony Wood will join FOX’s board of directors and take on a leadership position within the company’s newly established FOX Digital Platforms division.

Wood will serve as Co-Chair of the division alongside Paul Cheesbrough, who assumes the role of Co-Chair and CEO. The division will oversee Roku, Tubi, FOX One, Red Seat Ventures, and other digital businesses.

FOX CEO and Executive Chair Lachlan Murdoch said the combined company’s immediate priority is to continue serving audiences and business partners while preserving the openness and choice that define Roku’s platform.

Wood also emphasized that Roku’s original mission will remain unchanged despite the acquisition, noting that the company will have greater reach and resources to continue developing its streaming business.

How the Roku acquisition deal is structured

Under the finalized merger agreement, Roku shareholders are entitled to receive $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 the transaction closed.

Following the acquisition, existing FOX shareholders own approximately 74% of the outstanding FOX common stock, while former Roku shareholders hold approximately 26%.

Roku shares will also cease trading on the Nasdaq following the completion of the transaction.

The acquisition gives FOX a considerably stronger position in the connected TV market, particularly as audiences continue shifting from traditional television services toward streaming platforms. By combining its programming and advertising operations with Roku’s distribution technology and audience reach, FOX is positioning itself to compete more directly across the broader streaming ecosystem.

For Roku users, however, the immediate takeaway is that the platform is not being repositioned as an exclusive destination for FOX programming. The company says it intends to preserve Roku’s open ecosystem and continue supporting its existing content partners under its new ownership.