Fox Completes $22 Billion Roku Acquisition, Becomes Third-Largest US TV Business

Fox Corporation has completed its $22 billion acquisition of Roku, closing the Fox Roku acquisition months ahead of schedule and creating the third-largest television business in the United States by viewership. Fox announced the completion on Friday morning, November 6, 2026, less than six months after the deal was unveiled in June. Roku shares will stop trading on the Nasdaq from Friday, and the streaming platform will now sit inside a new Fox division built around digital television.

Key Points

• Fox Corporation completed its $22 billion acquisition of Roku on Friday, November 6, 2026, closing in under six months after the deal was announced in June.
• Roku shareholders receive $95.30 in cash plus 0.9799 Fox Class A shares per Roku share; existing Fox shareholders keep about 74 percent of the combined company.
• Roku shares cease trading on the Nasdaq from Friday, and Roku will sit inside a new Fox Digital Platforms division alongside Tubi, Fox One and Red Seat Ventures.
• Fox says the combined company is now the third-largest US television business by viewership, with Roku reaching more than 100 million streaming households.
• Roku founder Anthony Wood joins Fox's board and becomes co-chair of Fox Digital Platforms; Fox expects about $400 million in annual cost savings within two years.

What Happened

Fox announced on Friday morning that the acquisition had closed, with all conditions met. Announced in June 2026, the deal had originally been due to close in the first half of 2027; instead it finished in under six months. The closing followed Roku shareholder approval in October and an antitrust review in which the Justice Department issued a second request for information.

From Friday, Roku shares no longer trade on the Nasdaq, and former Roku shareholders hold a mix of cash and Fox stock: existing Fox shareholders keep about 74 percent of the combined company and former Roku shareholders hold about 26 percent. Each Roku share was exchanged for $95.30 in cash plus 0.9799 shares of Fox Class A common stock.

Background and Context

Roku began as a maker of streaming devices and grew into one of the most widely used streaming platforms in the United States. Its operating system powers televisions and streaming sticks in more than 100 million households, and its home screen is the gateway through which many Americans discover streaming services. That reach, and the advertising business built on it, made Roku an attractive target for a traditional media company looking to grow in streaming.

Fox, meanwhile, has built its digital business around Tubi, its free advertising-supported streaming service, which has about 110 million monthly active users, and Fox One, its newer streaming service. The company has also expanded into podcasting and digital media through Red Seat Ventures, but it lacked a platform of Roku's scale, one that sits between viewers and the services they watch.

The Fox Roku Acquisition in Numbers

The headline figure is $22 billion. Roku shareholders receive $95.30 in cash and 0.9799 Fox Class A shares for each Roku share they held, leaving existing Fox shareholders with about 74 percent of the combined company and former Roku shareholders with about 26 percent.

Scale is the point of the deal. Roku's platform reaches more than 100 million streaming households, and Tubi, which will sit alongside it in the new division, has about 110 million monthly active users. Fox also expects about $400 million in annual cost savings within two years of closing, from combining technology, advertising operations and back-office functions.

Reactions and Market Response

Fox presented the completed deal as a step change in scale, saying the combined company is now the third-largest television business in the United States by viewership, behind only the two biggest television groups in the country. The leadership appointments underline how central Roku is to the plan: Roku founder Anthony Wood joins Fox's board of directors and becomes co-chair of Fox Digital Platforms alongside Paul Cheesbrough, appointed co-chair and chief executive of the division. Keeping Wood in a senior role signals that Fox wants Roku's expertise in running a streaming platform, not just its audience.

The deal lands in a nervous market, with the Nasdaq 100 in correction territory, down 10 percent from its record highs, as investors question heavy spending on artificial intelligence.

Why It Matters

Television is increasingly watched through a platform, and whoever controls the home screen controls what viewers see first. Roku's operating system is that gateway in more than 100 million American households. By owning it, Fox gains a direct relationship with viewers that a broadcaster alone does not have, and a powerful position in streaming television advertising.

For advertisers, the combination brings together Roku's advertising business with Fox's sales operation and Tubi's large free audience, in one of the fastest-growing parts of the media business. For viewers, the immediate change may be small, since Roku's platform will continue to carry the services people already use. The longer-term question is whether Fox uses its new platform to favour its own services, such as Tubi and Fox One, and how rivals respond to a platform owner that is also a major content competitor.

What Happens Next

The first task is integration. Roku will sit inside the new Fox Digital Platforms division, alongside Tubi, Fox One and Red Seat Ventures, under the joint leadership of Anthony Wood and Paul Cheesbrough. How quickly the two companies combine their operations will determine whether the promised $400 million in annual savings arrives on schedule, and investors will watch the combined company's first results for signs of how the deal is performing.

Regulators and rivals will also be watching: the Justice Department's second request for information showed the deal drew serious antitrust attention, and competitors will be alert to any sign that Fox uses Roku's platform to advantage its own services. Read more about the market backdrop in our report on the global markets slide as the Nasdaq entered correction territory, and about the wider economy in the October jobs report, which beat forecasts. Wall Street's mixed close on Monday is covered in our report on Monday's trading.

Frequently Asked Questions

How much did Fox pay for Roku?
A $22 billion cash-and-stock deal, announced in June 2026 and closed Friday, November 6, 2026.

What do Roku shareholders receive?
For each Roku share, $95.30 in cash plus 0.9799 shares of Fox Class A common stock. Existing Fox shareholders hold about 74 percent of the combined company and former Roku shareholders about 26 percent.

When did Roku stop trading on the Nasdaq?
Roku shares cease trading on the Nasdaq from Friday, November 6, 2026, the day the acquisition closed.

What is Fox Digital Platforms?
The new Fox division housing Roku alongside Tubi (about 110 million monthly active users), Fox One and Red Seat Ventures. Roku founder Anthony Wood and Paul Cheesbrough are its co-chairs; Cheesbrough is also chief executive.

How big is the combined Fox-Roku company?
Fox says it is now the third-largest US television business by viewership, with Roku's platform reaching more than 100 million streaming households, and expects about $400 million in annual cost savings within two years.