Fox Corp. said Friday that it had completed its acquisition of Roku, expanding its streaming business, which already includes Tubi and FOX One.
The company said the deal brings FOX’s live sports, news and local programming together with Roku’s connected-TV platform, which reaches more than 100 million households. FOX expects the combined business to create new opportunities to serve viewers, advertisers and partners.
FOX anticipates achieving about $400 million in annualized cost savings within two years of closing. The company also sees potential for additional revenue growth and expects the deal to increase free cash flow per share by the second full year after closing.
Fox Corp. completes acquisition of Roku
Fox Corp. Executive Chair and CEO Lachlan Murdoch said the deal supports FOX’s long-term strategy. He said the company’s immediate focus is serving audiences and partners while preserving the openness and choice that define Roku’s platform.
Murdoch added that the companies’ shared entrepreneurial outlook gives FOX confidence in the opportunities ahead.
Roku founder Anthony Wood will join FOX’s board and become co-chair of FOX Digital Platforms, a newly created division that includes Roku, Tubi, FOX One, Red Seat Ventures and other digital businesses. Paul Cheesbrough will also serve as co-chair and lead the division as CEO.
Wood said Roku’s mission of giving people a better way to watch TV would remain unchanged. He said the company would now have greater reach and resources, while FOX’s support for Roku’s culture and open approach to content partners would help its teams continue building and innovating.
