Fox completes its Roku takeover, putting Roku, Tubi and FOX One in a new digital division

Fox Corporation completed its acquisition of Roku on November 6, 2026, according to filings by both companies. When they announced the deal in June, they said they expected it to close in the first half of 2027. Our report of November 5 described the takeover as still under Justice Department review.

Roku is now a wholly owned Fox subsidiary named Roku, LLC. It asked Nasdaq to halt trading in its Class A shares before the market opened on November 9 and to file to remove them from listing, and it intends to file a Form 15 to suspend its SEC reporting obligations. Roku filed its quarterly reports, which gave figures such as streaming hours, under those obligations; the closing filings do not say whether Fox will publish such figures for Roku.

What Roku shareholders received

Each Roku share was converted into $95.30 in cash and 0.9799 of a Fox Class A share. Fox's filing says those amounts reflect an adjustment under the merger agreement for shares whose holders sought appraisal. The June announcement had set the terms at $96 in cash and 0.9693 of a share, valuing Roku at about $22 billion in enterprise value. Fox will issue about 144.5 million Class A shares and pay about $14.1 billion in cash to former Roku stockholders, not counting equity awards and dissenting shares. Fox's existing shareholders own about 74% of the company and former Roku holders about 26%, against the 73% and 27% expected in June.

To pay part of the cash and other deal costs, Fox borrowed $2.0 billion of term loans, after doubling that facility from $1.0 billion on November 5, and $8.4 billion under a bridge loan that matures 364 days after the closing date. That is $10.4 billion of new borrowing (our sum). Fox also signed a $1.5 billion five-year revolving credit facility, on which it had not borrowed.

The combined company on paper

On November 9, Fox filed pro forma figures that show the two companies as if the deal and its financing had taken effect on July 1, 2025. Fox says they should not be taken as an indication of the results that would have been achieved, or of future results.

On that basis, Roku's revenue equals about 24% of the combined total for the year (our calculation), but combined net income would have been $615 million, against the $1.73 billion Fox reported on its own. The adjustments behind the gap include $642 million of interest expense on the new loans, including fees, $733 million of extra amortization of Roku's intangible assets, $397 million of compensation expense from changes to Roku's unvested stock awards and $143 million of transaction costs. They also strip out $302 million of business the two companies did with each other through digital advertising and distribution agreements.

Who runs Roku now, and what Fox promises

Anthony Wood, Roku's founder and former chief executive, joined Fox's board, which grew to eight members. He will also be co-chair of FOX Digital Platforms, a new division that groups Roku, Tubi, FOX One, Red Seat Ventures and other digital businesses, alongside Paul Cheesbrough, its co-chair and chief executive. Fox says Wood's pay in that role has not been determined and that he will not be paid as a director.

Fox says it expects run-rate cost synergies of about $400 million within two years of closing, and that the deal will add to free cash flow per share by the second full year. It also says Roku will stay open to the wider streaming industry. Executive Chair and CEO Lachlan Murdoch said the top priority included “reinforcing the openness and choice that is the essence of the Roku platform,” and Wood said Fox “wholly shares our commitment to staying open to every content partner.”

The question the filings leave open

In its quarterly report filed on November 2, Fox said the deal remained subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Roku's quarterly report, filed the same day, said the Justice Department had sent both companies a Second Request for more information on September 8, extending the waiting period until 30 days after both had substantially complied, unless the department ended it sooner or the companies agreed to extend it. Neither the closing filings nor Fox's release of November 6 says how that review ended.