Fox and Roku shareholders approve $22 billion merger

Shareholders of both Fox Corporation and Roku Inc. have approved a proposed $22 billion acquisition of the streaming platform company by the media conglomerate. The approval, granted during virtual special meetings on Wednesday, clears a major hurdle for the cash-and-stock transaction.

Under the terms of the agreement, Roku stockholders will receive $96 in cash and 0.9693 shares of Fox Class A common stock for each share of Roku common stock. Upon completion, existing Fox stockholders are expected to own approximately 73 percent of the combined company, while former Roku stockholders will hold roughly 27 percent.

The deal aims to combine Fox’s content portfolio—including live sports, news, and the Tubi streaming service—with Roku’s operating system, which reaches over 100 million global devices. The companies anticipate approximately $400 million in annual run-rate cost synergies. The transaction remains subject to regulatory approval and is currently under review by the Department of Justice, with Fox targeting the first half of 2027 for completion.