Fox closes Roku deal, targets $400M in synergies by 2028

Fox Corporation completed its acquisition of Roku on November 6, 2026, and says it expects roughly $400 million (€359 million) in run-rate cost synergies within two years of closing. Roku shares stopped trading on the Nasdaq the same day.

The deal hands Fox a connected TV platform that reaches more than 100 million households, bolted onto its live sports, news and local programming. Fox calls the combination a "new transformational era" — marketing language, admittedly, but the arithmetic underneath is real: a legacy broadcaster buying distribution at streaming scale.

The company says the transaction should be accretive to free cash flow per share by the second full year after closing, with what it describes as additional potential revenue upside. Fox frames the purchase as a shift of its business mix toward high-growth streaming and connected TV verticals.

What did Roku shareholders get?

Under the merger agreement, each Roku Class A and Class B share converts into $95.30 in cash plus 0.9799 shares of Fox Class A common stock. That split leaves Fox stockholders owning about 74% of the combined company, with former Roku stockholders holding the remaining 26%.

Not a full cash exit, then. Roku's investors are now partly betting on Fox's ability to run a technology platform — a wager the market will price daily.

Who runs the combined digital business?

Fox has created a new division, FOX Digital Platforms, which houses Roku alongside Tubi, FOX One, Red Seat Ventures and other digital products. Roku founder Anthony Wood joins the Fox board of directors and serves as Co-Chair of the division. Paul Cheesbrough takes the roles of Co-Chair and CEO of FOX Digital Platforms.

Wood, who started Roku more than two decades ago, kept his farewell-to-independence measured. "We started Roku more than two decades ago to give people a better way to watch TV, and that mission doesn't change today," he said. "What does change is our reach and resources."

He added: "FOX has a deep respect for Roku's culture and wholly shares our commitment to staying open to every content partner. Our teams will keep building and innovating as they always have, now with the support and capabilities of FOX behind us."

Will Roku stay open?

That question matters more than any synergy target. Roku's value to the wider streaming industry rests on operating as a neutral operating system and storefront, not a walled garden. Fox says it will preserve exactly that.

Lachlan K. Murdoch, Executive Chair and CEO of Fox Corporation, said: "The closing of this acquisition advances the long-term strategy of FOX. Beginning today, our top priority for the combined company is to continue to relentlessly serve audiences and partners, while reinforcing the openness and choice that is the essence of the Roku platform."

Fox's statement stresses that Roku will continue as a leading open ecosystem for the broader streaming industry, and that the choice it offers viewers and the value it provides content partners remain "key elements" of its ubiquity. Content partners will presumably test that promise against carriage negotiations in the coming months.

What happens next?

Wood also said he's "excited about what comes next," and the near-term calendar is already set: the $400 million synergy target lands within two years of the November 6 close, and free cash flow accretion is promised by the second full year after closing. Former Roku shareholders, now holding a quarter of Fox, will be watching both deadlines.