Shareholders Okay Fox Acquisition of Roku

Fox and Roku shareholders approved the companies’ $22 billion merger in preliminary tallies from special meetings held Wednesday, clearing a key hurdle for the deal that remains subject to U.S. regulatory review.

Full vote results will be disclosed later in Securities and Exchange Commission filings. The Department of Justice issued a “second request” for more information in September, extending the Hart-Scott-Rodino Act waiting period until 30 days after both sides substantially comply, unless the DOJ ends the review early or the companies agree to a further extension.

Fox Corporation CEO Lachlan Murdoch described the transaction as “transformative,” combining the company’s high-impact live sports and news programming with Roku’s leading streaming distribution and technology platform.

Lachlan Murdoch

If regulators clear the deal, it would strengthen Fox’s position in free ad-supported streaming. Fox already owns Tubi, which reaches 110 million monthly active users, while Roku reaches more than 100 million streaming households. The combined entity would become the third-largest media distributor in the U.S., behind YouTube and the Paramount-Warner Bros. Discovery combination (now operating as Skydance). In July, Fox accounted for 7.8% of TV viewing and The Roku Channel for 2.9%, according to Nielsen’s Gauge report; Tubi represented 2% of Fox’s share that month.

The companies expect the merger to close in the first half of 2027, contingent on HSR expiration and other customary conditions. Upon completion, Roku stockholders would own approximately 27% of the combined company’s outstanding shares, with Fox shareholders holding the remaining 73%.