Fox closes its US$22 billion Roku takeover months early, and Lachlan Murdoch now owns the screen millions use to pick what to watch

The Murdoch family’s American television company now owns one of the most important doorways into streaming. Fox Corporation said on Friday 6 November (US time) that it had completed its acquisition of Roku, the connected-TV platform, in a deal valued at about US$22 billion including debt.

When the takeover was announced in June 2026, the companies said they expected it to close in the first half of 2027. Finishing it in under five months means Fox goes into the US holiday shopping season, a peak time for TV and streaming-device sales, already owning Roku’s software and devices.

Chief executive Lachlan Murdoch said the closing “advances the long-term strategy of FOX”.

What did Fox pay?

For each Roku share, investors received US$96 in cash and 0.9693 of a Fox Class A share, a package worth US$160 a share when the deal was struck. Fox’s existing shareholders own about 73 per cent of the combined company and former Roku shareholders about 27 per cent.

Fox says it expects about US$400 million in yearly cost savings within two years, with possible revenue gains on top, and that the deal will add to free cash flow per share by the second full year after closing.

Who runs Roku now?

Roku founder Anthony Wood, who led the company as chairman and chief executive, joins the Fox board. He will co-chair the new Fox Digital Platforms division, which includes Roku and Tubi, alongside Paul Cheesbrough, who is co-chair and chief executive of the division.

Why does a TV network want a TV operating system?

Because in streaming, the company that owns the home screen controls attention. Roku’s software decides which apps and shows appear when a viewer turns on the TV, and it sells advertising across that screen. Pairing it with Tubi, Fox’s free, ad-funded streaming service, and Fox’s live sport and news gives the company a pipeline from making programs to selling the ads that run beside them, and data on what viewers watch.

It is a different bet from rivals that have spent tens of billions building libraries of scripted shows and films. Fox’s streaming strategy rests on live sport, news, its FOX One service and Tubi’s free, ad-funded catalogue. Roku gives that strategy a much bigger front door, and a place to sell advertising that does not depend on how well any single Fox show performs.

What does it mean for viewers and rivals?

For viewers, nothing has been announced: Fox has not said it will change Roku’s devices, apps or home screen. The question competitors will watch is whether Fox gives its own channels and Tubi more prominence on Roku’s home screen than those of competing services that rely on the platform to reach audiences.

For Australian readers, the deal extends the reach of a company still controlled by the Murdoch family, whose Australian media interests sit in the separate News Corp.

What happens to Fox shares?

Fox’s share count rises with the new Class A shares issued to Roku investors. The first full quarter of combined results, and any update on the promised US$400 million in savings, will show investors whether the price was right.