Fox Corp. closed its $22 billion acquisition of streaming platform Roku on Friday, Nov. 6, well ahead of the expected 2027 date, Variety reported. Fox said it will keep Roku “a leading open ecosystem” for the broader streaming industry.
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Who runs what
Roku founder and CEO Anthony Wood will join the Fox board and serve as co-chair of Fox Digital Platforms, a new division that includes Roku, Tubi, Fox One and Red Seat Ventures, Variety reported. Paul Cheesbrough becomes co-chair and CEO of the division.
Roku will be led by CEO Mustafa Ozgen, formerly its president of devices, products and technology, according to a memo obtained by Variety. Roku Media president Charlie Collier and Tubi CEO Anjali Sud are leaving the combined company, Variety reported.
The openness pledge
Fox has committed to carry non-Fox content on Roku for at least three years, as the Justice Department closed its antitrust investigation, according to a related Variety report. Variety said that means Fox won’t automatically give Fox News or the Fox One package special placement on Roku, which reaches more than 100 million households.
“The closing of this acquisition advances the long-term strategy of Fox,” Executive Chair and CEO Lachlan Murdoch said in a statement.
What happens next
Fox expects about $400 million in annual cost savings within two years of closing, which suggests layoffs, Variety reported. Fox said it expects the deal to add to free cash flow per share by the second full year. More media and tech coverage is in Technology and Business News.
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