M&A DealsDeals & Investments
Fox Corporation Completes Roku Acquisition, Expanding Its Streaming and Digital Media Business
Article content
Fox Corporation has completed its acquisition of Roku, bringing one of the largest connected-TV platforms into its expanding portfolio of media and digital businesses. Announced on November 6, 2026, the closing marks a significant step in FOX’s strategy to build a scaled media and technology company with greater reach across streaming, content distribution and advertising.
The combination brings together FOX’s premium live sports, news and local programming with Roku’s open connected-TV platform, which serves more than 100 million streaming households worldwide. The expanded business will include Roku, Tubi, FOX One, Red Seat Ventures and other digital products and services under FOX’s broader digital portfolio.
The acquisition follows the definitive agreement announced in June 2026 and gives FOX a stronger position across the evolving television ecosystem, where audiences increasingly move between traditional broadcasting, subscription streaming and ad-supported connected TV.
A broader position across the streaming ecosystem
The acquisition expands FOX’s presence beyond its established broadcast, news and sports businesses into the distribution layer of streaming television.
FOX brings a portfolio of live sports, news and entertainment content, alongside its existing streaming businesses. Roku adds a direct relationship with more than 100 million streaming households, an established connected-TV operating platform and access to thousands of applications and channels.
Together, the businesses create opportunities to connect premium programming with a large-scale distribution platform. For advertisers, the combination offers a broader environment to reach audiences across live programming and streaming, while giving FOX additional opportunities to develop its advertising and monetisation capabilities.
The transaction also strengthens FOX’s position in the US streaming market through the combined presence of Roku, Tubi and FOX One. Rather than relying solely on content distribution through third-party platforms, FOX now has a more substantial role in the technology and consumer interface through which viewers discover and access streaming content.
$400 million in expected cost synergies
FOX expects the acquisition to generate approximately $400 million in annual run-rate cost synergies within two years of closing, alongside additional potential revenue opportunities.
The company also expects the transaction to be accretive to free cash flow per share by the second full year following completion.
The financial structure of the completed transaction provides Roku shareholders with a combination of cash and FOX equity. Under the final merger terms, eligible Roku shareholders received $95.30 in cash and 0.9799 shares of FOX Class A common stock for each Roku Class A or Class B share held immediately before closing.
Following completion, existing FOX shareholders own approximately 74% of the outstanding shares of FOX common stock, while former Roku shareholders hold approximately 26%. Roku shares are set to cease trading on Nasdaq following the close.
The acquisition gives FOX a larger operating footprint in connected TV while adding a significant streaming distribution business to its existing media portfolio.
Roku to retain its open platform approach
A central element of the integration is the commitment to preserve Roku’s open distribution model.
Roku has built its position by offering viewers access to a broad range of streaming services and content partners through its platform. FOX has stated that Roku will continue operating as an open ecosystem, maintaining the choice and distribution flexibility that have been central to its appeal across the streaming industry.
This approach is strategically important because Roku's value extends beyond the distribution of FOX-owned programming. Its platform serves a wider ecosystem of content providers, advertisers and application partners.
FOX Executive Chair and CEO Lachlan K. Murdoch said the company's priority following the closing is to serve audiences and partners while reinforcing the openness and choice associated with the Roku platform.
For FOX, maintaining that neutrality will be important to preserving Roku's broader industry relationships and the value of its distribution network.
Anthony Wood to lead FOX Digital Platforms alongside Paul Cheesbrough
Roku founder Anthony Wood will join the FOX Board of Directors and take on a leadership role in the newly formed 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 unit will bring together Roku, Tubi, FOX One, Red Seat Ventures and other digital products and services across FOX.
Wood founded Roku more than two decades ago, building the company into a major connected-TV platform through its streaming devices, smart-TV operating system and content distribution ecosystem. His continued involvement provides leadership continuity as Roku enters its next phase within FOX.
The combined leadership structure brings Wood’s experience in streaming platforms and consumer technology together with Cheesbrough’s digital media and business leadership background.
A strategic shift towards connected TV and digital monetisation
The completion of the acquisition reflects a wider transformation in the media industry. As traditional television audiences migrate towards streaming, media companies are increasingly focused on owning both compelling content and the platforms through which audiences access it.
FOX’s investment in Roku gives it a larger position across that value chain, combining live programming, streaming services, distribution technology and advertising opportunities.
The strategic opportunity will depend on how effectively FOX integrates the businesses while preserving Roku’s open platform relationships and continuing to attract viewers, content partners and advertisers.
With the acquisition now complete, FOX enters its next phase as a broader media and technology company, with streaming and connected TV playing a more central role in its long-term growth strategy.
About Fox Corporation
Fox Corporation is a media and technology company that produces and distributes news, sports and entertainment content across broadcast, streaming and digital platforms. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations and FOX Digital Platforms, which now includes Roku, Tubi, FOX One, Red Seat Ventures and other digital businesses.
About Roku
Roku is a connected-TV platform that provides streaming technology, devices and services to viewers, content partners and advertisers. Its open platform connects more than 100 million streaming households worldwide with thousands of applications and channels across the streaming television ecosystem.