Fox closes $22 billion Roku deal and reshuffles its executive team

what happened

Fox Corporation has completed its acquisition of Roku, valued at about $22 billion, and reorganized the combined businesses. Roku, Tubi, Fox One and Frndly TV now sit inside a new division called FOX Digital Platforms.

Mustafa Ozgen becomes Roku's chief executive, while Pete Distad keeps leading Fox's direct-to-consumer arm alongside Tubi and Frndly. Mike Bidgoli moves up to Tubi president and will report to Distad. Anjali Sud, formerly Tubi's CEO, is leaving her role under the new structure but will stay through the transition. Several Roku executives are also departing, including Charlie Collier, Chris Handman and Robyn Peterson.

Roku holders will receive $95.30 in cash plus 0.9799 Fox Class A shares for each share they own. After the deal closed, the Justice Department ended its investigation, concluding the combination is unlikely to reduce competition. Fox has also committed to carry non-Fox programming on Roku for at least three years and to avoid favoring its own content in search results.

why it matters

With the deal closed, Roku becomes a central piece of Fox's streaming and advertising business, and the mixed cash-and-stock payout sets the value for Roku shareholders. Clearing the regulatory review removes a source of uncertainty, while the non-discrimination pledges on search and carriage could shape how rival programming reaches viewers on the platform.

market impact

Roku, Fox: the closed deal reshapes the streaming ad business and removes antitrust overhang

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