Key points
- Fox closed its roughly $22 billion purchase of Roku on Friday, Nov. 6, 2026, months ahead of a first-half 2027 target, and Roku left the Nasdaq.
- The Justice Department ended its antitrust review, finding the merger unlikely to harm competition in streaming.
- Fox says it will keep carrying rival apps on Roku for at least three years and not tilt search results toward its own services.
- Roku, Tubi and Fox One now sit inside a new unit, Fox Digital Platforms, run by Paul Cheesbrough with Roku founder Anthony Wood as co-chair.
Contents
The company behind Fox News and Fox Sports now also controls the software on more than 100 million streaming households worldwide. Fox Corp. completed its takeover of Roku on Nov. 6, 2026, less than five months after announcing the deal in June.
For people who watch TV through a Roku stick or a Roku-powered set, nothing changes on day one. The bigger questions are about the next three years: how Fox treats Netflix, Disney, Amazon and every other app that depends on Roku’s home screen to reach viewers.
Roku shareholders get cash and about a quarter of Fox
According to TheWrap, each Roku share was exchanged for $95.30 in cash plus 0.9799 of a Fox Class A share. Former Roku investors end up holding roughly 26% of the combined group, while existing Fox shareholders keep the remaining 74%.
Shareholders approved the merger in October. Fox expects about $400 million in annual cost savings within two years, and says the deal should add to free cash flow per share by the second full year after closing.
Those savings usually mean overlapping jobs and systems get cut, and the leadership reshuffle began immediately.
A new Fox division takes over Roku and Tubi
Fox grouped Roku, its free streaming service Tubi, its paid app Fox One and the podcast company Red Seat Ventures into a single unit called Fox Digital Platforms. Paul Cheesbrough is co-chair and chief executive. Anthony Wood, who founded Roku and ran it for more than two decades, gives up the CEO role, joins the Fox board and serves as the other co-chair.
The people running day-to-day operations are changing too. Mustafa Ozgen succeeds Wood as Roku CEO and also leads the ad-tech company AdRise. Roku Media president Charlie Collier will not join Fox, and Tubi chief executive Anjali Sud is moving to a new role outside the company.
“FOX has a deep respect for Roku’s culture and wholly shares our commitment to staying open to every content partner,” Wood said in the closing statement.
Washington cleared the deal on Fox’s promises
The Justice Department’s antitrust division closed its investigation, concluding the merger is unlikely to harm competition. Its reasoning: if Fox shut out rival services, Roku would risk losing customers and partners to competing TV platforms.
Fox made a set of commitments that were made public alongside the decision:
- Rival apps stay: non-Fox content keeps running on Roku for at least three years.
- Neutral search: no discrimination against non-Fox titles in search results.
- Viewers can still rearrange or remove app tiles on the home screen.
- Third parties keep access to Roku data products on commercially reasonable terms.
- Firewalls protecting competitors’ sensitive data stay in place for at least three years.
Lachlan Murdoch, Fox’s chief executive, said the company’s “top priority for the combined company is to continue to relentlessly serve audiences and partners.”
There is an important caveat. These are statements of intent, and the details of how they would be enforced have not been published. PPC Land notes that Fox’s announcement includes no specific mechanism, for instance on how Fox programming will be ranked in Roku’s menus. No document released at closing shows whether the commitments were written into a court-supervised consent decree.
What changes for you, depending on who you are
The practical impact depends on how you use Roku.
| Who | Right now | To watch |
|---|---|---|
| Roku viewers | Same apps, same remote | Fox and Tubi placement, ads |
| Advertisers | One seller for Fox and Roku | Bundled sports, news and streaming packages |
| Netflix, Disney, others | Carriage guaranteed three years | Renewal terms after 2029 |
| Amazon | Roku ad partnership continues | Prime Video against Tubi |
For viewers, the home screen, the remote and the app store work exactly as before. What to keep an eye on is the content Roku promotes: banners, featured rows and ads that could lean toward Fox Sports, Fox News, Fox One or Tubi.
For advertisers, Fox now controls programming, a distribution platform and the ad sales sitting on top of both. PPC Land adds up third-quarter 2026 ad revenue of about $2.08 billion for Fox and $727.4 million for Roku, roughly $2.8 billion together.
Rivals face a more delicate situation. Amazon’s ad business has used Roku since June 2025 to reach about 80 million US connected-TV households. Its Prime Video service, which includes free ad-supported content, competes directly with Tubi.
What to watch next
Three signals will show whether Roku really stays open. The first is carriage renewals with big streamers, which Fox now negotiates while also running services that compete with them.
The second is how Fox One and Tubi show up in Roku search and on the home screen in the coming months. The third comes in late 2029, when the three-year guarantees on carriage and data firewalls expire and nothing published so far says what replaces them.
