Fox closes $22 billion Roku acquisition

Fox has completed its $22 billion purchase of Roku, gaining control of a streaming platform that reaches more than 100 million US households. The DOJ says Fox committed to keeping Roku "an open and neutral content partner post-merger," including carrying non-Fox content for at least three years.

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Fox has closed its $22 billion acquisition of Roku and now owns the largest US connected-TV operating platform alongside its Tubi and Fox One services. The deal vertically integrates a content owner with a distribution gatekeeper, which should strengthen Fox's ad-tech and viewership leverage. DOJ-backed commitments to neutrality for at least three years, including non-discrimination in search and a user-rearrangeable home screen, limit near-term foreclosure risk. Rival streamers and smart-TV platform owners such as Amazon, Google and Walmart's Vizio face a stronger competitor in the TV operating system and advertising markets. Long-term risk is that commitments expire after three years, so rival content partners may face less favourable terms.