Full Breakdown
DOJ Issues “Second Request” as Fox-Roku Merger Faces Antitrust Review
9/9/2026, 9:35:17 PM
Core Event
The U.S. Department of Justice has issued a “second request” for additional information and documents from both Fox Corp. and Roku Inc. in connection with its antitrust review of Fox’s proposed $22 billion acquisition of the streaming platform. The request, disclosed in a securities filing, extends the Hart-Scott-Rodino waiting period until 30 days after the companies substantially comply, unless the DOJ terminates the period earlier.
Background & Context
Fox, owned by the Murdoch family, operates a large portfolio of news and sports content and already controls the free, ad-supported streaming service Tubi. Roku provides a dominant connected-TV operating system that reaches more than 100 million U.S. households. The deal, announced in June, would combine Fox’s content empire with Roku’s distribution reach, creating the third-largest TV-viewing entity in the United States behind YouTube and Disney. Rivals have expressed concern that Fox could prioritize its own programming on Roku’s platform, potentially limiting competition in the ad-supported streaming market.
Data & Statistics
- Deal value: $22 billion, structured as a cash-and-stock transaction at $160 per Fox share.
- Compensation to Roku shareholders: $96 in cash plus roughly 0.97 Fox Class A shares per Roku share.
- Audience reach: Roku serves over 100 million streaming households; Tubi reports about 110 million monthly active users.
- Post-merger ranking: Fox would become the second-largest U.S. video distributor by viewership, trailing only YouTube.
Official Statements & Responses
Fox CEO Lachlan Murdoch reiterated that the companies intend to operate the businesses separately while selling advertising across both platforms. A Fox spokesperson described the second request as expected for a transaction of this size and affirmed that the firms will continue to cooperate with the DOJ. The DOJ declined to comment on the request, and no comment was received from Roku.
Why It Matters
If approved, the merger would cement Fox’s dominance in the free, ad-supported streaming space and expand its digital audience beyond traditional cable distribution. Regulators’ heightened scrutiny reflects broader concerns about consolidation that could affect consumer choice, advertising rates, and the competitive landscape for streaming services. The outcome of the DOJ review will shape the balance of power between content creators and distribution platforms in the evolving media ecosystem.
