Fox Completes $22bn Roku Acquisition

Fox Corporation has completed its approximately $22 billion acquisition of Roku, combining Fox's sports, news and entertainment programming with a connected television platform reaching more than 100 million households worldwide.

The transaction brings Roku, Tubi and FOX One into a wider digital business alongside Fox's live sports and news operations. Roku will continue operating as an open platform carrying third-party streaming services and content.

Roku shareholders receive $95.30 in cash and 0.9799 Fox Class A shares for each Roku share. Former Fox shareholders own approximately 74% of the combined company, with former Roku shareholders holding around 26%.

Roku founder Anthony Wood has joined Fox's board and become co-chair of the new Fox Digital Platforms division alongside Paul Cheesbrough, who is also its chief executive.

Fox expects approximately $400 million in annualised cost savings within two years. As part of the US antitrust review, Fox also committed to protections for third-party content, platform search and access to data products.