Full Breakdown
Fox Corp. Secures Shareholder Backing for $22 Billion Roku Acquisition
By Drooid · · How we work
Shareholder Approval and Deal Structure
Fox Corp. and Roku held separate special shareholder meetings on Wednesday. Fox shareholders approved the transaction with 99.9 % of Class B votes in favor; Roku’s vote tally is pending filing. The agreement, announced in June, values Roku at $22 billion, with a purchase price of $160 per share funded by roughly $14.2 billion in cash and the remainder in Fox Class A common stock. At closing, Fox shareholders would own about 73 % of the combined business, while Roku shareholders would hold roughly 27 %.
Regulatory Review and Expected Closing
The U.S. Department of Justice issued a second request for information under the Hart-Scott-Rodino antitrust framework, extending the mandatory waiting period by 30 days. Fox and Roku must substantially respond before the waiting period can end. Both companies have said the acquisition remains slated for completion in the first half of 2027, contingent on DOJ and other regulator approvals.
Principal Executives and Governance
Anthony Wood, founder, chairman and chief executive officer of Roku, will retain an ongoing role in the combined company and join Fox’s board. John Nallen, president and chief operating officer of Fox Corp., described the DOJ’s information request as “entirely expected” and affirmed that the deal remains on track.
Strategic Implications for Streaming and Advertising
The merger would unite Fox’s free, ad-supported service Tubi with Roku’s operating system and The Roku Channel, creating a larger platform for digital video advertising. Analysts note that the combined entity would control a significant share of the free, ad-supported streaming market and gain greater influence over how consumers discover both ad-supported and premium subscription content. The move positions Fox to compete more aggressively as viewers continue shifting from traditional broadcast to internet-connected devices.
Outlook and Next Steps
Fox expects to file the final vote tallies with the SEC in the coming days. The companies will continue to address the DOJ’s information request while monitoring the antitrust review timeline. Completion of the transaction will depend on satisfying the 30-day waiting period and obtaining all required regulatory clearances.
