Fox Corporation has completed its $22 billion acquisition of Roku, closing the deal in November 2026 ahead of the original 2027 target; and transforming the Rupert Murdoch family’s media empire into the third-largest player in U.S. television by viewing share.
The merger combines Fox’s premium live sports and news content with Roku’s connected TV platform that reaches over 100 million households globally.
Under the merger terms, Roku shareholders received $95.30 in cash and 0.9799 shares of Fox Class A common stock per share, resulting in former Roku shareholders owning approximately 26% of the combined company while existing Fox shareholders retain 74%.
Roku founder Anthony Wood joins Fox’s board and serves as co-chair of the newly formed Fox Digital Platforms, which consolidates Roku, the free ad-supported service Tubi, the subscription service Fox One, and Red Seat Ventures.
The acquisition marks a strategic pivot for Lachlan Murdoch, who previously sold Fox’s 6 million shares of Roku stock in 2020 to help finance the acquisition of Tubi.
Fox now aims to leverage Roku’s advertising capabilities to generate $400 million in annual cost synergies within two years while maintaining the platform as an open ecosystem for competitors. The company says Roku will remain an "open platform" for every content partner.