Fox corporation finalizes $22 billion Roku acquisition

The deal, valued at approximately $22 billion, aims to integrate FOX’s live sports, news, and local programming with Roku’s connected TV platform, which reaches over 100 million households. Fox anticipates achieving roughly $400 million in annual cost savings within two years and expects the acquisition to positively impact free cash flow per share by the second year following the deal’s conclusion.

Lachlan Murdoch, executive chair and CEO of Fox Corp., stated that the acquisition is a key step in the company’s long-term strategy. He emphasized a commitment to serving audiences and partners while preserving the open nature of the Roku platform.

“Our shared entrepreneurial passion and clear conviction toward building the future together with our new Roku colleagues gives us great confidence in the opportunities ahead of us,” Murdoch said.

Roku founder Anthony Wood will now serve on the FOX board of directors. He will also co-chair FOX Digital Platforms, a newly created division encompassing Roku, Tubi, FOX One, Red Seat Ventures, and other digital offerings. Paul Cheesbrough will serve alongside Wood as co-chair and CEO of the division.

Wood affirmed Roku’s ongoing mission to improve television viewing experiences. He expressed confidence in FOX’s support for Roku’s culture and commitment to openness.

“We started Roku more than two decades ago to give people a better way to watch TV, and that mission doesn’t change today,” Wood said. “What does change is our reach and resources.”