Fox closes its $22 billion purchase of San Jose's Roku, months ahead of schedule

Fox Corporation said Friday it has completed its acquisition of Roku, the San Jose streaming-platform company, in a deal valued at about $22 billion. Roku shares ceased trading on Nasdaq as of Friday. When the deal was announced in June, the companies expected it to close in the first half of 2027; it closed two months after the Justice Department asked both companies for more information in its antitrust review.

Under the merger agreement, Roku stockholders receive $95.30 in cash and 0.9799 shares of Fox Class A common stock for each Roku share. Fox stockholders now own about 74 percent of the combined company and former Roku stockholders about 26 percent. Fox expects about $400 million of run-rate cost savings within two years and says the deal should add to free cash flow per share by the second full year after closing.

Roku founder Anthony Wood joins Fox's board and becomes co-chair of Fox Digital Platforms, a new division that includes Roku, Tubi, Fox One and Red Seat Ventures, alongside Paul Cheesbrough, its co-chair and CEO. Fox says Roku's platform reaches more than 100 million households and will stay open to every content partner. "We started Roku more than two decades ago to give people a better way to watch TV, and that mission doesn't change today," Wood said.