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Fox Corporation Completes Acquisition of Roku, Strengthening Its Position in the Global Streaming and Connected TV Market: Roku Joins FOX’s Expanding Digital Media Portfolio Alongside Tubi and FOX One, Creating New Opportunities in Streaming, Advertising and Connected Television. Fox Corporation has officially completed its acquisition of Roku, Inc., marking a significant milestone in the company’s digital transformation strategy and strengthening its position in the rapidly evolving global streaming and connected television industry.
The acquisition brings together FOX’s established portfolio of news, sports, entertainment and television programming with Roku’s extensive connected TV platform, which reaches more than 100 million households worldwide and provides access to thousands of applications and streaming channels.
With the transaction completed, FOX aims to establish a larger, technology-driven media business with expanded audience reach, stronger advertising capabilities and new opportunities to monetize content across traditional television and digital streaming platforms.
FOX Expands Its Streaming and Digital Media Ecosystem
The acquisition brings Roku into FOX’s growing digital portfolio, which includes Tubi, FOX One, Red Seat Ventures and other digital products and services.
The combined business is expected to create greater opportunities for advertisers, content creators, distribution partners and audiences by connecting premium programming with Roku’s extensive connected television distribution network.
FOX believes the acquisition will accelerate its digital strategy and increase its exposure to high-growth streaming and connected TV markets.
Importantly, Roku will continue operating as an open distribution platform, maintaining its commitment to providing viewers with choice and allowing content partners across the broader streaming ecosystem to reach audiences.
$400 Million in Expected Cost Synergies
FOX expects to achieve approximately $400 million in annualized run-rate cost synergies within two years following the completion of the acquisition.
The company also anticipates additional revenue opportunities through the combination of its premium programming, advertising relationships and Roku’s technology and distribution capabilities.
FOX expects the transaction to become accretive to free cash flow per share by the second full year following the closing.
These anticipated benefits will depend on successful integration and the company’s ability to realize operational efficiencies and new commercial opportunities.
Roku Founder Anthony Wood Joins FOX Leadership
As part of the transaction, Roku founder Anthony Wood will join the Fox Corporation Board of Directors.
He will also serve as Co-Chair of FOX Digital Platforms, a newly established division responsible for overseeing the company’s digital businesses.
Paul Cheesbrough will serve as Co-Chair and Chief Executive Officer of FOX Digital Platforms, working alongside Wood to develop the company’s expanding digital media and technology operations.
Anthony Wood founded Roku more than two decades ago with the ambition of making television viewing more accessible through streaming technology. His continued involvement is expected to provide leadership continuity and technological expertise as Roku enters its next phase under FOX ownership.
Shareholders Complete the Transaction
Under the terms of the merger agreement, Roku shareholders are entitled to receive $95.30 in cash and 0.9799 shares of FOX Class A common stock for each Roku Class A or Class B share they held immediately before the transaction closed.
Following completion, existing FOX shareholders own approximately 74% of the outstanding common stock of the combined company, while former Roku shareholders own approximately 26%.
Roku shares will cease trading on Nasdaq following the completion of the acquisition.
A Strategic Move in the Future of Television
The acquisition reflects the continuing transformation of the global television industry, where traditional broadcasting, subscription streaming, advertising-supported video platforms and connected television technologies are increasingly interconnected.
For FOX, combining its established strengths in live sports, news, local programming and entertainment with Roku’s distribution technology creates an opportunity to compete more aggressively across the streaming ecosystem.
The advertising industry could also benefit from the expanded combination of premium content, digital distribution and connected TV audiences. Advertisers increasingly seek platforms that provide measurable audience engagement, targeted advertising opportunities and access to consumers across multiple screens.
With Roku, Tubi and FOX One under a unified digital leadership structure, FOX is positioning itself to participate more extensively in the future of advertising-supported streaming and digital media.
The successful completion of the acquisition marks a new chapter for both companies. The coming years will determine how effectively FOX can integrate the businesses, preserve Roku’s open platform philosophy and convert its expanded audience reach into sustainable growth.
