Fox Corporation has completed its $22 billion acquisition of Roku, closing one of the biggest media deals in recent years and taking control of a streaming platform reaching more than 100 million households.

The deal closed on Friday 6 November, Fox announced. When the agreement was announced in June, the companies expected it to complete in the first half of 2027. Fox says the combined company is now the third-largest television business in the United States by viewership.

Under the terms of the deal, Roku shareholders receive $95.30 in cash and 0.9799 shares of Fox Class A common stock for each Roku share they held. Fox shareholders own about 74% of the combined company, with former Roku shareholders holding about 26%. Roku shares stopped trading on the Nasdaq once the deal closed.

Roku founder Anthony Wood is joining Fox's board and will co-chair a new Fox Digital Platforms division bringing together Roku, the free streaming service Tubi, Fox One and Red Seat Ventures.

Regulators cleared the deal with conditions

The US Department of Justice issued a second request for information about the deal about two months before it closed, as part of its antitrust review. It closed its investigation on the same day the deal completed, after Fox agreed to commitments on how Roku carries rival content.

Fox committed to carry non-Fox content on the platform for at least three years, not to discriminate against competitors using the service, and to preserve protections for rivals' sensitive data.

Wood said Roku's mission would not change. "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."