Fox Completes $22 Billion Acquisition of Roku

2 min read

Fox Corporation completed its acquisition of Roku on Friday, closing a deal Reuters valued at $22 billion and turning the streaming platform into the centerpiece of a new digital division. Fox announced the completion in a company press release dated November 6, 2026, saying the combination of its live sports, news and local programming with Roku’s open connected television platform, reaching more than 100 million households worldwide, creates a scaled media and technology company. The deal was first announced in June, and Roku shares ceased trading on the Nasdaq as of Friday.

Under the merger agreement set out in the Fox release, Roku stockholders are entitled to receive $95.30 in cash and 0.9799 shares of Fox Class A common stock for each Roku share they held immediately before closing. As a result, Fox stockholders own approximately 74 percent of the outstanding Fox common stock and former Roku stockholders own approximately 26 percent. The distinction between what shareholders receive for their equity and the full cost of buying a business is the difference between market value and enterprise value, which is why the $22 billion figure describes the whole transaction rather than the cash portion alone.

Fox said it expects approximately $400 million of run-rate cost synergies within two years of the close, with additional potential revenue upside, and anticipates the deal will be accretive to free cash flow per share by the second full year after closing. Reuters reported the acquisition is a major bet that Roku’s platform will bolster Fox’s advertising business and expand the online reach of its sports and news programming, helping a company still reliant on cable television build a larger digital audience and better target advertising.

Roku will sit inside a newly formed division, Fox Digital Platforms, which also includes Tubi, Fox One and Red Seat Ventures. Roku founder Anthony Wood will join the Fox board and serve as co-chair of the division, alongside Paul Cheesbrough, who assumes the role of co-chair and chief executive of Fox Digital Platforms. Fox said Roku will continue as an open ecosystem for the broader streaming industry, preserving the choice it offers viewers and the value it provides to content partners.

For Roku households, nothing about the service changes on closing day: the platform continues to offer access to thousands of apps and channels, and Fox’s stated priority is to keep it open to every content partner rather than reserve it for Fox programming. For investors, the work now shifts to integration and delivering the promised synergies, a story readers can follow on our Corporate America desk.

Educational coverage — not tax or investment advice.