Fox has officially closed its blockbuster purchase of Roku, folding the streaming platform into a broader push that already includes Tubi and FOX One. The deal brings together Fox’s live sports, news, and local programming with Roku’s huge connected TV reach, setting up a bigger play for viewers, advertisers, and content partners.
Fox said the combination gives it a stronger foothold in streaming at a time when attention is spread across more screens than ever. Roku’s open platform already reaches more than 100 million households, which makes it a powerful bridge between traditional TV content and the fast-moving world of digital viewing.
The company is also banking on serious financial upside. Fox expects about $400 million in run-rate cost synergies within two years of closing, along with possible revenue gains, and it says the transaction should add to free cash flow per share by the second full year after completion.
Lachlan Murdoch called the closing a major step in Fox’s long-term strategy. He said the combined company’s focus is on serving audiences and partners while keeping the openness and choice that define the Roku platform.
Murdoch also pointed to the energy behind the deal, saying the two companies share a strong entrepreneurial drive and a belief in building the future together. That message fits the tone of the merger, which is less about wiping out what made Roku work and more about giving it bigger backing and a wider lane to grow.
The structure of the new setup also matters. Roku founder Anthony Wood will join the Fox board and serve as co-chair of FOX Digital Platforms, a new division that brings together Roku, Tubi, FOX One, Red Seat Ventures, and other digital products and services.
Wood will work alongside Paul Cheesbrough, who becomes co-chair and CEO of the division. That gives the company a clear leadership structure as it tries to connect streaming, digital distribution, and the company’s broader media operations without losing the individual identity of each platform.
Wood said Roku was built more than two decades ago to give people a better way to watch TV, and that mission stays intact. What changes now is the scale, since FOX brings more resources, more reach, and a stronger platform for the next phase of growth.
He also said Fox respects Roku’s culture and shares its commitment to remaining open to every content partner. That openness has been one of Roku’s biggest selling points, and keeping it intact will matter if the combined company wants to avoid turning a popular platform into just another closed ecosystem.
For Fox, the move is part of a bigger shift toward owning more of the pipes and the programming at the same time. Streaming has become a battleground where audience access, ad dollars, and platform control all collide, and the Roku deal gives Fox a much larger seat at that table.
That kind of scale can change the game quickly. With live sports still one of the biggest draws in media and streaming habits continuing to evolve, Fox is betting that the blend of premium content and broad distribution will give it an edge that is hard to ignore.
