Fox Corporation has completed its acquisition of Roku, Inc., the companies said on Friday 6 November 2026, in a cash-and-stock transaction valued at about $22bn when it was agreed in June. Fox’s own release confirms the close; TheWrap, The Verge and Reuters report the same $22bn enterprise value. Roku shares cease trading on Nasdaq as of the closing day.
Key facts
- Deal: Fox acquires Roku for about $22bn enterprise value (June agreement); close announced 6 November 2026
- Consideration: $95.30 in cash plus 0.9799 Fox Class A shares per Roku Class A or Class B share
- Ownership after close: Fox stockholders about 74%; former Roku stockholders about 26%
- Synergies: Fox expects about $400m of run-rate cost synergies within two years; accretive to free cash flow per share by the second full year after closing
- Organisation: new Fox Digital Platforms unit houses Roku, Tubi, Fox One, Red Seat Ventures and other digital products; Anthony Wood joins the Fox board and co-chairs the unit with Paul Cheesbrough as co-chair and CEO
For film and TV sellers the practical change is ownership of the pipe. Roku’s open connected-TV platform reaches more than 100 million households, Fox says, and now sits beside Tubi, Fox’s free ad-supported service. How that combination treats third-party apps, AVOD windows and The Roku Channel’s own acquisitions will matter more to sales agents than the sports-and-news framing in the press release.
Deal terms and timing
Under the merger agreement, each Roku share converts into $95.30 cash and 0.9799 Fox Class A shares. Fox stockholders keep roughly three-quarters of the combined equity; former Roku holders take the rest. Fox’s release names Allen & Company as lead financial adviser, with Morgan Stanley and Goldman Sachs also advising Fox and Morgan Stanley Senior Funding leading debt financing; Weil, Gotshal & Manges was counsel. Qatalyst Partners advised Roku; Goodwin Procter and Axinn were counsel.
The definitive agreement was announced on 15 June 2026 at about $160 per Roku share and $22bn enterprise value, according to later deal summaries. The companies had pointed to a first-half 2027 close; Friday’s completion is earlier. TheWrap says shareholder approval came in October and that the US Department of Justice cleared the deal after a second-request review. FilmBunch has not independently reviewed the DOJ filing.
What Fox is buying
Fox presents the combination as a shift of its business mix toward streaming and connected TV: live sports, news and local programming on one side, Roku’s hardware, OS and The Roku Channel on the other. Lachlan Murdoch, Fox’s executive chair and chief executive, said the priority from closing day is to “continue to relentlessly serve audiences and partners, while reinforcing the openness and choice that is the essence of the Roku platform”.
Wood, Roku’s founder, joins the Fox board and becomes co-chair of Fox Digital Platforms with Cheesbrough, who is co-chair and CEO of the division. Wood’s statement, carried by Fox and The Verge, says the mission of giving people a better way to watch television does not change, and that Fox “wholly shares our commitment to staying open to every content partner”. That line is the one sales agents will test in the next contracting round.
Scale claims around the close
Fox says Roku’s platform reaches more than 100 million households worldwide. TheWrap separately reports that Tubi reaches 110 million monthly active users, and cites Nielsen figures for August in which Tubi and Roku together accounted for 4.8% of streaming viewership, level with Disney’s streaming share and behind Netflix and YouTube; including linear TV, the combined company was fourth among media distributors that month at 8.5%. Those Nielsen numbers are TheWrap’s reporting, not Fox’s release.
Fox expects $400m of run-rate cost synergies within two years and says the deal should be accretive to free cash flow per share by the second full year after closing. No revenue synergy target is given. No change to Roku’s device pricing, OS licensing or The Roku Channel’s content budget is disclosed.
What this means for film distribution
Roku is not a studio, but it is a gate for how films reach living-room screens in North America: through apps on Roku OS, through The Roku Channel’s AVOD slate, and through ad inventory around that viewing. Tubi already buys and licences feature films for free streaming. Putting both under one Digital Platforms division, with a public promise to stay open to every content partner, is the part of Friday’s news that touches theatrical-to-AVOD sequencing and SVOD app carriage.
Comparable ownership shifts on FilmBunch’s recent desk include Skydance’s television and streaming distribution reorganisation and the New York Times Company’s exclusive talks for Letterboxd. Exhibition money this week is covered in AMC’s record quarter and Cineplex’s record Q3.
What is not known: how Fox will set carriage fees or prominence for rival streamer apps; whether The Roku Channel’s film buy will expand, shrink or favour Fox and Tubi titles; any headcount plan beyond the $400m cost target; and whether European or other non-US Roku markets change under the new ownership. Fox’s release is silent on all four.
Our reading
The close puts a major CTV operating system and a large AVOD buyer under a company whose public pitch is still sports and news. For film sellers the near-term test is contractual, not cultural: whether Roku Channel licence terms, Tubi acquisition prices and app-store ranking change in the first two quarters under Digital Platforms. Wood’s board seat and co-chair role are meant to signal continuity; $400m of cost synergies imply the opposite pressure somewhere in the combined digital stack.
The next evidence is the first Fox earnings call after close (guidance language on digital), any amendment to Roku Channel or Tubi content guidelines, and whether independent streamer apps report worse discovery on Roku OS. Until those show up, Friday is a balance-sheet event with an open distribution promise attached. More under Deals.
Sources
- Fox Corporation press release (6 November 2026; completion, consideration, ownership split, synergies, Digital Platforms, Wood and Cheesbrough roles, advisors)
- TheWrap (6 November 2026; $22bn figure, Nasdaq delisting, Tubi MAUs, Nielsen share figures, Murdoch and Wood quotes)
- The Verge (6 November 2026; close confirmation, 100 million households, open-platform commitment)
- Advanced Television (6 November 2026; close confirmation, Fox framing)
- Reuters via Investing.com (6 November 2026; $22bn cash-and-stock deal, advertising and sports/news reach)