Fox has finalized its Fox Roku acquisition, completing the $22 billion deal on Friday—well before the initially projected timeline of the first half of 2027. The move combines two of the largest free ad-supported streaming services in the U.S.: Tubi and The Roku Channel.
Leadership and Structural Changes
Under the new structure, Fox’s digital platforms business will be jointly led by Paul Cheesbrough and Anthony Wood. Cheesbrough previously headed Tubi Media Group, while Wood founded Roku and served as its CEO. The unit is now called Fox Digital Platforms, encompassing Roku, Tubi, Fox One, and Red Seat Ventures.
Several executive departures were announced. Roku’s Charlie Collier and Chris Handman are leaving, as is Robyn Peterson, EVP of AdRise. Tubi CEO Anjali Sud is also departing for a role outside the company, though she will assist with the transition. Mustafa Ozgen, formerly Roku’s president of devices, products, and technology, becomes Roku’s new CEO. Pete Distad will continue to lead Fox’s streaming business, which now includes Tubi and Frndly TV. Mike Bidgoli has been promoted to President of Tubi, reporting to Distad.
Strategic Goals and Advertising Ambitions
The combined company aims to achieve approximately $400 million in annual cost savings within two years, according to Fox’s announcement. The acquisition also gives Fox control of Roku’s connected TV platform, which reaches over 100 million households and generated more than $727 million in advertising revenue in its September quarter, up 23% year-over-year.
Cheesbrough and Wood outlined five priorities in a staff memo: growing platform share and engagement, leading in free ad-supported streaming, leading in premium subscriptions, winning in performance advertising, and expanding globally. The memo emphasized that Roku’s open platform will remain open.
“Together we have premium live sports and news, a growing streaming portfolio, and a leading connected TV platform,” the memo stated.
Analysts see the deal as a significant shift in the streaming landscape. “Fox will become a powerhouse in free ad-supported TV viewing,” said Ross Benes of Emarketer. Mike Proulx of Forrester noted that Fox had been the only major broadcast network lagging in streaming scale, and the deal provides a backdoor into the space.
Timing and Regulatory Context
The accelerated closing surprised observers. Fox had previously said the deal would close in the first half of 2027, and the Department of Justice had requested additional information in September. Benes suggested Fox moved quickly before Democrats could control Congress and mount opposition.
With Roku, Tubi, and Fox’s broadcast and cable networks combined, the company now generates more U.S. TV viewership than Netflix or NBCUniversal, according to Nielsen.
Roku’s platform and The Roku Channel add to Fox’s portfolio as consumers increasingly turn to free services amid rising subscription prices. The deal positions Fox as a major player in both free and premium streaming.