Fox Completes $22B Roku Acquisition After DOJ Antitrust Review
Fox Corporation completed its $22 billion acquisition of Roku on November 6, 2026.
Why it matters: This deal exemplifies how regulatory scrutiny shapes major media-tech mergers, informing antitrust risk and deal strategy in streaming markets.
- Acquisition closed on November 6, 2026, ahead of the initial 2027 schedule.
- DOJ issued a second request during its antitrust review but granted clearance.
- Roku reaches over 100 million households globally.
- Fox expects $400 million in cost synergies within two years after closing.
On November 6, 2026, Fox Corporation finalized its $22 billion acquisition of Roku, closing the deal months earlier than initially planned.
The Department of Justice reviewed the transaction closely, issuing a second request for additional information amid antitrust concerns. The DOJ ultimately cleared the acquisition, signaling regulatory acceptance of this sizable consolidation in the streaming platform space. The DOJ’s antitrust review process for mergers generally involves these steps to assess competitive impact and market concentration.
Under the merger terms, Roku shareholders received $95.30 in cash plus approximately one Fox Class A share per Roku share. Post-closing, Fox shareholders hold about 74% of the combined company, while former Roku shareholders own roughly 26%. Roku’s shares ceased trading on Nasdaq as of the transaction close.
Roku’s platform now spans more than 100 million households globally, strengthening Fox’s digital distribution reach. Fox projects realizing $400 million in cost synergies within two years and anticipates the acquisition will be accretive to free cash flow per share by its second full fiscal year post-close.
Roku founder Anthony Wood joined Fox’s board as Co-Chair of Fox Digital Platforms, signaling a strategic focus on expanding digital growth. Fox CEO Lachlan Murdoch emphasized the acquisition’s role in transforming Fox's presence in high-growth digital verticals.
For legal and M&A professionals, this deal provides a concrete example of the DOJ’s approach to media and technology sector mergers, relevant for assessing antitrust risks and structuring future streaming-related transactions.
By the numbers:
- $22 billion — Fox's acquisition price for Roku
- $95.30 in cash plus 0.9799 Fox shares — per Roku share transaction terms
- 100 million households — Roku's platform reach worldwide
Yes, but: While the DOJ cleared the deal, the second request indicated regulatory concerns that could foreshadow more stringent scrutiny in future streaming platform mergers.
What's next: Market watchers will track the integration process and whether projected cost synergies materialize as expected over the next two years.