November 10 – Fox Corporation has completed its $22 billion acquisition of streaming platform Roku, closing the deal ahead of its expected 2027 schedule.
Announced in June, the deal gives Roku shareholders $95.30 in cash plus 0.9799 Fox Class A shares for each Roku share. Fox shareholders own 74% of the combined company, Roku 26%. Fox expects $400 million in annual cost savings within two years.
“The closing of this acquisition advances Fox’s long-term strategy,” said CEO Lachlan Murdoch. “Starting today, our top priority for the combined company is to continue to serve audiences and partners without interruption, while strengthening the openness and choice that are at the heart of the Roku platform.”
Roku co-founder Anthony Wood is joining Fox’s board as co-chairman of a new division, Fox Digital Platforms, which brings together Roku, free streaming service Tubi and Fox One.
“We started Roku more than two decades ago to give people a better way to watch TV, and that mission doesn’t change today. What changes is our reach and our resources,” Wood said.
The sporting implications are important. Fox already owns the rights to the NFL, MLB, NASCAR, the Big Ten and most recently the US English-language World Cup rights (which are now up for bid), with this summer’s tournament driving a 22% increase in quarterly revenue. Roku offers a platform used in the Americas, Europe and Australia, in addition to its own sports offerings, which include an NWSL package of eight Sunday evening matches signed in August and exclusive US rights to the new X Games League.
Owning the platform and content gives Fox much more control over how audiences find their sports. Tubi has already simulcast the Super Bowl and World Cup and will stream two MLS Decision Day games, the first live MLS games on the service.
The timing is also remarkable. FIFA has begun selling US rights to the 2030 and 2034 World Cups, with Netflix among the expected bidders. Murdoch has said Fox will address them “in a disciplined manner”. With Roku now in hand, Fox has a much bigger distribution machine to justify the price.