Fox Completes Its $22 Billion Roku Takeover

Fox has completed its $22 billion acquisition of Roku, turning a shareholder-approved transaction into one of the year’s biggest completed media deals. Roku shares are set to stop trading on the Nasdaq as the streaming platform becomes part of a newly organized Fox digital business.

The closing gives Fox direct ownership of a connected-TV platform that reaches more than 100 million households. Roku will sit inside Fox Digital Platforms alongside Tubi, Fox One, Red Seat Ventures and other digital products, giving the company a larger role in how viewers discover and watch streaming television.

Roku leadership moves into the combined company

Roku founder and chief executive Anthony Wood will join Fox’s board and become co-chair of Fox Digital Platforms. Paul Cheesbrough will serve as the division’s co-chair and chief executive. The structure signals that Fox plans to keep Roku central to the combined operation rather than absorb it quietly into an existing television unit.

Fox has said Roku will remain an open platform for the broader streaming market. That promise will be closely watched by competing services that depend on Roku distribution, especially now that the device maker and operating system are controlled by a company with its own news, sports and entertainment products.

The financial promises now face a real test

Fox expects about $400 million in annualized cost savings within two years of closing. The company also projects that the transaction will add to free cash flow per share by the second full year. Those targets will shape investor attention as management combines teams and decides where the businesses overlap.

Under the merger terms reported at closing, former Roku shareholders hold roughly 26 percent of Fox’s outstanding shares, while existing Fox shareholders retain about 74 percent. Roku investors were entitled to a mix of cash and Fox Class A stock for each eligible Roku share.

The deal’s completion is the key new development following the earlier shareholder approval. Fox now has to prove that pairing its content portfolio with Roku’s operating system, advertising tools and household reach can produce growth without weakening the platform’s stated neutrality. For viewers and streaming partners, that balance may matter more than the headline price.