Key Highlights

  • The US Department of Justice closed its antitrust investigation into the USD 22 billion Acquisition of Roku by Fox (NASDAQ:FOXA), with the decision reported over the weekend of November 7 and 8, 2026.
  • Fox completed the transaction on Friday, November 6, months ahead of the first-half 2027 closing that had originally been expected.
  • Fox committed to keep carrying non-Fox programming on Roku for at least three years and to give rival streaming services fair access and Placement on the platform.
  • Fox shares rose 1.6% on November 9, 2026, as the market gained clarity on the combined company and its regulatory position.

What the DOJ Decided

The Justice Department had issued additional requests for information to both companies in September, a sign that it was examining the deal closely. Its main concern was that Fox (NASDAQ:FOXA) could use control of Roku's operating system to favour its own services, such as Tubi and Fox One, over competing apps. After reviewing the transaction and the commitments offered, the department concluded the deal was unlikely to significantly reduce competition. Fox agreed to keep carrying non-Fox content for at least three years, to avoid giving its own services preferential treatment in search results, to let consumers keep arranging apps on Roku devices as they choose, to protect competitors' commercially sensitive information, and to provide certain data products to third parties on commercially reasonable terms. Those terms address the self-preferencing risk that regulators have focused on in platform deals. Regulators have spent several years examining how platform owners treat rival apps, and the Fox commitments mirror remedies seen in other technology reviews. Closing the investigation without a court challenge removes the largest uncertainty that had hung over the transaction since it was announced.

What Fox Now Owns

Roku's connected television platform reaches more than 100 million households worldwide, giving Fox a direct route to viewers and a large Advertising inventory. The Assets are being grouped into a new Fox Digital Platforms division that includes Roku, Tubi and Fox One. Roku founder Anthony Wood is co-chair of the division alongside Paul Cheesbrough, who is co-chair and chief executive. Fox expects about USD 400 million in annualised cost savings within two years. Former Roku shareholders own about 26% of the combined company, with existing Fox holders owning about 74%. The structure turns Fox from a broadcaster with a free streaming service into an owner of one of the main gateways to streaming in US homes. The combination also gives Fox more data on viewing habits, which can improve ad targeting across its broadcast, cable and streaming assets.

Risks and What to Watch

Integration is the next test. Fox (NASDAQ:FOXA) must show that it can grow Roku's platform Revenue without alienating the content partners whose apps make the platform valuable, and the three-year commitments set clear limits on how hard it can push its own services. Rival media groups may also negotiate harder when carriage and revenue-sharing deals come up for renewal. Delivering the USD 400 million in savings without damaging Roku's product and engineering teams will require careful execution. Investors should watch for the first combined financial results, advertising growth on Roku and Tubi, and any comments from regulators or partners on how the commitments are being applied. How the market values the enlarged company will depend on whether streaming growth offsets slower trends in traditional television.

Where Things Stand

The DOJ closed its review of the USD 22 billion Fox and Roku deal after Fox committed to carry non-Fox content for at least three years and to treat rival apps fairly. The deal closed on November 6, 2026, and Fox shares rose 1.6% on November 9. The focus now shifts to integration, the targeted USD 400 million in cost savings and the first combined results.