Fox Completes $22 Billion Acquisition of Roku

Fox Corporation completed its $22 billion acquisition of Roku on November 6, bringing the streaming platform under Fox ownership months before the deal’s initially projected first-half 2027 closing. Roku shares ceased trading on Nasdaq following the transaction. Under the merger terms, Roku shareholders received $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 closing. Former Roku shareholders own approximately 26% of Fox’s outstanding shares, while existing Fox shareholders own about 74%, according to the deal terms. Roku founder and CEO Anthony Wood is joining Fox’s board and will co-chair the newly formed Fox Digital Platforms division. Paul Cheesbrough will serve as the division’s co-chair and CEO. The division includes Roku, Tubi, Fox One and Red Seat Ventures. Fox expects the acquisition to generate about $400 million in annual cost synergies within two years of closing. That figure is a company projection, not a reported saving already achieved. Fox also said the transaction is expected to become accretive to free cash flow per share by 2028. Roku’s platform reaches more than 100 million...