The transaction closed on November 6, nearly five months after Fox announced the agreement and earlier than its previous public timetable, which pointed to the first half of 2027. Roku shareholders are entitled to $95.30 in cash and 0.9799 Fox Class A shares for each share. Roku now sits within Fox’s new Fox Digital Platforms division. The regulatory issue was central: the Justice Department examined whether Fox could use Roku’s distribution platform to favour its own services or disadvantage rivals. It closed the investigation after finding the merger unlikely to harm competition and after Fox committed to keep Roku open to non-Fox content for at least three years.

A $22 billion transaction reaches closing

Fox Corporation completed its acquisition of Roku on November 6, ending a transaction announced in June. The Justice Department described the deal as worth approximately $22 billion in enterprise value. Fox said the merger had been consummated, and a Form 8-K filed with the Securities and Exchange Commission records November 6 as the closing date and records the two-step merger and says the surviving subsidiary was renamed Roku, LLC. The deal uses cash and stock rather than an all-cash payment, giving former Roku investors an equity interest in the enlarged Fox company.

Under the final merger terms, each outstanding Roku Class A or Class B share was converted into the right to receive $95.30 in cash and 0.9799 Fox Class A common shares, subject to the agreement and applicable withholding. Fox said existing shareholders own approximately 74% of the combined company’s outstanding common stock, while former Roku shareholders own about 26%. Fox has acquired control, but former Roku investors retain a substantial stake in the buyer’s future performance.

Sources: Statement of the Department of Justice Antitrust Division on the Closing of Its Investigation of the Merger of FOX and Roku · Fox Corporation Completes Acquisition of Roku · 8-K · FOX CORPORATION TO ACQUIRE ROKU, INC.

What Fox is adding to its media business

Roku brings more than a streaming app. It operates a connected-TV platform for hundreds of streaming applications, sells streaming players and televisions, and runs the free, ad-supported Roku Channel. Fox’s portfolio includes broadcast, news, sports and entertainment operations, plus Tubi, another free, ad-supported streaming service. Fox said Roku’s platform reaches more than 100 million households worldwide. Reuters reported that the acquisition is intended to extend Fox’s digital reach, expand the audience for its sports and news programming and strengthen ad targeting.

The combination gives Fox a larger role on both sides of streaming: it owns programming and services while controlling an interface through which viewers discover and access other providers. The opportunity is not simply to add another streaming brand. Roku’s platform, first-party data and household relationships can give Fox more ways to connect content, audiences and advertisers. But the platform’s value depends on viewers continuing to find a broad range of services there, including those competing with Fox-owned outlets.

Sources: Statement of the Department of Justice Antitrust Division on the Closing of Its Investigation of the Merger of FOX and Roku · Fox Corporation Completes Acquisition of Roku · Fox completes $22 billion Roku deal to expand digital reach · FOX CORPORATION TO ACQUIRE ROKU, INC.

Why the Justice Department examined the deal

The Antitrust Division’s investigation focused on a potential conflict created by that combination. The department examined whether the merger could weaken competition among free, ad-supported streaming services, and whether Fox might use Roku to disadvantage rival content providers after the acquisition. Fox and Roku received second requests for additional information from the Justice Department on September 8, extending the federal review beyond an initial screening. Earlier SEC disclosures had anticipated a closing in the first half of 2027, subject to regulatory and other conditions.

The department concluded that entry by free, ad-supported streaming providers would be timely, likely and sufficient to make a substantial risk of competitive harm unlikely. It also reasoned that Roku depends on a broad content offering to attract consumers. If Fox degraded the platform or harmed competing services, viewers could move to other connected-TV platforms, damaging Roku’s own commercial position. That was the department’s stated rationale for concluding the deal was unlikely to harm competition; it was not a claim that the market contains no competitive risks.

Sources: Statement of the Department of Justice Antitrust Division on the Closing of Its Investigation of the Merger of FOX and Roku · FOX CORPORATION TO ACQUIRE ROKU, INC. · 8-K

The commitments behind the review’s closure

Fox’s commitments address how Roku will treat services outside the new parent company. It agreed to continue carrying non-Fox content for at least three years, consistent with historical practice, and not to discriminate against non-Fox services in search results. Fox also committed to keep allowing users to rearrange application configurations on the home screen. These points address the concern that a platform owner might make its own services easier to find while making rivals less visible or convenient.

The safeguards go further than carriage and search. Fox committed to continue providing data products to third parties on commercially reasonable terms consistent with Roku’s standard distribution agreement. It also agreed to maintain existing contractual firewalls protecting competitively sensitive non-Fox content data for at least three years, including information inferred from clicks, searches, viewing and voice activity. The Justice Department closed its investigation but reserved the ability to evaluate the industry and act if circumstances change. Its statement describes Fox’s commitments, not a court judgment.

Sources: Statement of the Department of Justice Antitrust Division on the Closing of Its Investigation of the Merger of FOX and Roku · Fox Commits to Carrying Non-Fox Content on Roku for at Least 3 Years as DOJ Closes Antitrust Investigation

Roku’s place inside Fox Digital Platforms

Fox is placing Roku inside a newly formed division called Fox Digital Platforms, alongside Tubi, Fox One, Red Seat Ventures and other digital products and services. Roku founder Anthony Wood is joining Fox’s board and will serve as a co-chair of the division. Paul Cheesbrough, also a co-chair, will serve as its chief executive. The structure places Roku within a wider group responsible for Fox’s digital businesses, while Wood’s role links the division to Roku’s founding management.

Fox expects approximately $400 million in run-rate cost synergies within two years of closing and says the deal should become accretive to free cash flow per share by the second full year. These are management projections, not savings already achieved. Fox’s announcement warns that integration, debt, operational complexity and the ability to maintain relationships with advertisers, content partners and distributors could affect the benefits. The strategic promise is substantial, but so is the task of combining a content business with a platform that relies on trust across streaming.

Sources: Fox Corporation Completes Acquisition of Roku · 8-K

What viewers and partners should watch next

For viewers, the test is whether Roku remains a broad distribution platform rather than a storefront that privileges Fox-owned services. The three-year carriage commitment, search non-discrimination promise and ability to rearrange apps provide reference points. Content partners will also watch how data products are supplied and whether protections around sensitive usage information are maintained. The Justice Department’s review centred on those platform relationships, not only the size of the combined company.

The deal is closed, but its competitive consequences will depend on what happens next. Fox has gained a platform with a reported reach of more than 100 million households; former Roku shareholders now own part of Fox; and the government has closed this investigation while retaining the option of future action if circumstances change. The central question is whether Fox can use Roku’s scale to build a stronger advertising and streaming business without weakening the openness that attracted viewers and rival services.

Sources: Statement of the Department of Justice Antitrust Division on the Closing of Its Investigation of the Merger of FOX and Roku · Fox Corporation Completes Acquisition of Roku · Fox completes $22 billion Roku deal to expand digital reach · Fox Commits to Carrying Non-Fox Content on Roku for at Least 3 Years as DOJ Closes Antitrust Investigation