Fox Corp. announced on Friday, November 6, 2026 that it has completed its $22 billion acquisition of Roku, per The Hollywood Reporter and Variety.

Variety calls the closing a genuine surprise, noting it arrived well ahead of the expected 2027 date — the deal only closed about five months after the June agreement, which Variety says was struck at $160 per share in roughly $14.2 billion in cash plus Fox Class A stock.

The pace is notable given that The Hollywood Reporter reports the U.S. Department of Justice was revealed in September to be reviewing the deal, which has since cleared.

Roku founder Anthony Wood joins Fox's board and will co-chair the new Fox Digital Platforms division alongside Paul Cheesbrough, whom Variety says becomes the division's CEO.

The strategic prize is Roku's install base of more than 100 million households worldwide, which The Hollywood Reporter describes as the gateway to TV for a significant chunk of the U.S. — the front door through which viewers reach Netflix, YouTube, Disney+ and more.

Variety frames it the same way, arguing it behooves Fox to preserve Roku's 'arms-dealer status' as a front-end to a huge array of streaming services.

Fox also gains two of the largest free ad-supported streaming platforms on the market, Tubi and the Roku Channel, plus the premium Fox One service — all now housed under Fox Digital Platforms along with Red Seat Ventures.

Variety reports Fox expects roughly $400 million in annualized cost synergies within two years and sees the deal as accretive to free cash flow per share by the second full year after closing.

Both outlets report Fox has pledged to keep Roku an open platform — Fox says it won't automatically give exclusive or advantageous positioning to Fox News or Fox One on Roku, a promise central to keeping rival services on the platform.

Variety details the personnel fallout: Roku will be led by CEO Mustafa Ozgen, formerly Roku's president of devices, products and technology, while Roku Media president Charlie Collier and Tubi CEO Anjali Sud are both departing the merged company. Wood's framing carries weight here.

'We started Roku more than two decades ago to give people a better way to watch TV, and that mission doesn't change today,' Wood said, per both outlets. 'What does change is our reach and resources.'

Lachlan Murdoch called the closing an advance of Fox's long-term strategy.

The financial case for the acquisition, as Variety lays it out, rests on Roku's strong 2026: in the first nine months of the year Roku delivered 23% revenue growth to hit $4.1 billion in sales, with about 49% of that from advertising and 40% from subscriptions.

In the third quarter, Roku's total gross profit was $649 million, up 24%, and it generated net income of $183 million — up more than seven-fold from the year-prior quarter, according to Variety.

For streaming audiences, the stakes are high: Roku's bundles and subscription marketplace now sit under Fox's control, and the company's ability to grow Tubi's free streaming business through Roku's ad ecosystem could reshape what cord-cutters watch next.

The origin story, per The Hollywood Reporter, began more than a year ago when Wood told Roku's board he was contemplating stepping back, triggering a sale process.