Shareholders of Fox Corporation and Roku have approved Fox’s proposed $22 billion acquisition of the streaming platform company, clearing another requirement for a transaction that remains under federal antitrust review.
The companies held separate special shareholder meetings Wednesday, where investors representing a majority of shares voted in favor of the deal. The companies are expected to disclose the final voting results in regulatory filings. Fox continues to anticipate completing the acquisition during the first half of 2027, although the transaction remains subject to government approval and other closing conditions.
Fox announced its agreement to acquire Roku in June, offering shareholders $160 per share through a combination of approximately $14.2 billion in cash and additional consideration consisting of Fox Class A common stock. The acquisition would give Fox control of Roku’s connected television operating system, streaming distribution business and digital advertising operations, substantially expanding the company’s presence beyond traditional television programming and distribution.
The transaction would also combine two major free, advertising-supported streaming businesses under common ownership: Fox’s Tubi and The Roku Channel. Both services offer television shows, movies and other programming without requiring paid subscriptions, generating revenue primarily through advertising. Roku’s television operating system and connected devices would also give Fox a larger role in how consumers discover and access subscription streaming services.
Federal regulators are continuing to examine the proposed combination. The U.S. Department of Justice has issued a second request for documents and information under antitrust laws, extending the government’s review of the acquisition. Under the law, the companies generally cannot complete the transaction until 30 days after they have substantially complied with the request, unless the waiting period is terminated earlier or otherwise modified.
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The additional review creates uncertainty around the transaction’s closing date, although Fox has maintained its expectation that the acquisition will be completed during the first six months of next year. Shareholder approval does not resolve the antitrust questions being examined by federal regulators, who are reviewing the proposed combination before allowing the companies to proceed.
Fox executives have identified Roku as an opportunity to expand the company’s streaming and advertising businesses, particularly as television viewing continues to shift toward internet-connected devices.
The Roku acquisition “will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile,” Lachlan Murdoch, Chief Executive Officer of Fox Corporation, said when the agreement was announced in June.
Fox has also said it intends to preserve Roku’s existing relationships with other streaming services and distribution partners, rather than restricting the platform to programming owned by Fox. The company said it is “committed to continuing to operate Roku as an open, partner-friendly platform.”
Roku founder and Chief Executive Officer Anthony Wood is expected to retain a role within the combined company after the acquisition closes.
