Fox Corp. completes $22 billion acquisition of Roku

Fox Corp. said on Friday that it has finalized its acquisition of Roku, adding the open connected-TV platform, which reaches more than 100 million households, to its existing streaming assets that include Tubi and FOX One. The company said the deal will create new opportunities for viewers, advertisers and partners.

Fox expects to generate about $400 million of run-rate cost synergies within two years of closing, with additional potential revenue upside, and said the transaction will be accretive to free cash flow per share by the second full year after closing.

Lachlan Murdoch, executive chair and CEO of Fox Corp., said the acquisition "advances the long-term strategy of FOX" and that the combined company will "continue to relentlessly serve audiences and partners, while reinforcing the openness and choice that is the essence of the Roku platform."

Roku founder Anthony Wood will join Fox’s board of directors and serve as co-chair of a new division, Fox Digital Platforms, which will oversee Roku, Tubi, FOX One, Red Seat Ventures and other digital products. Wood added, "We started Roku more than two decades ago to give people a better way to watch TV, and that mission doesn't change today. What does change is our reach and resources. Fox has a deep respect for Roku's culture and wholly shares our commitment to staying open to every content partner."

Paul Cheesbrough will serve alongside Wood as co-chair and CEO of the new division.