The Fox Roku merger has its shareholders on board. Investors in both companies approved Fox’s $22 billion acquisition of Roku at separate special meetings on October 14, 2026, but the deal still has to get past the Justice Department before it can close.
The Fox vote wasn’t close. According to Fox’s SEC filing, 99.9% of the Class B votes cast backed the deal. Roku’s stockholders signed off too, with 81.5% of the company’s outstanding votes in favor, according to Roku’s 8-K filing.
What Fox Is Paying for Roku
Fox agreed in June to pay $160 a share for Roku, with about $14.2 billion in cash and the rest in Fox Class A stock, according to Variety. Once the deal closes, Roku stockholders will own about 27% of Fox, and Fox shareholders will hold the other 73%.
Fox CEO Lachlan Murdoch called it a “transformative transaction” at the meeting, pairing Fox’s “high-impact live sports and news content” with Roku’s “leading streaming distribution and technology platform.”
Fox already owns Tubi, which reaches 110 million monthly active users, and Roku reaches more than 100 million streaming households. Put those together with The Roku Channel, and Fox would run one of the biggest free, ad-supported streaming operations in the country.
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The combined company would also be the third-largest media distributor in the U.S., trailing only YouTube and the newly combined Skydance, according to TheWrap. In July, Fox accounted for 7.8% of TV viewing and The Roku Channel for 2.9%, according to Nielsen, with Tubi’s 2% counted as part of Fox’s share.
The Justice Department Still Has to Weigh In
In September, the Justice Department issued a “second request” for more information as part of its review of the deal. That pushed the Hart-Scott-Rodino waiting period out until 30 days after both companies have substantially complied, unless the DOJ ends it early or the companies agree to extend it. Fox President and COO John Nallen told investors last month that the request was “entirely expected.”
Both companies still expect the Fox Roku merger to close in the first half of 2027, as long as the waiting period runs out and the other customary closing conditions are met. Until then, Fox and Roku remain separate companies.
Each Roku share will be converted into $96 in cash plus 0.9693 of a share of Fox Class A stock, according to a Roku SEC filing. Roku stockholders will get cash in place of any fractional Fox shares. Once the deal closes, Roku will become a wholly owned subsidiary of Fox, and its Class A stock will be delisted from the Nasdaq Global Select Market and deregistered.
Fox Promises to Keep Roku Open
Roku’s home screen carries apps from a long list of rival streaming services, and Fox has said it’s “committed to continuing to operate Roku as an open, partner-friendly platform.”
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Roku founder and CEO Anthony Wood will keep an ongoing role at the combined company once the deal closes.
Would you trust a Fox-owned Roku to stay neutral, or does the Fox Roku merger give you pause? Sound off and let us know!
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