DOJ issues second request in Fox-Roku $22 billion merger review

DOJ issues second request in Fox-Roku $22 billion merger review

Wed, September 9, 2026 at 8:08 PM GMT+3 2 min read

• ROKU -1.55%

Fox Corp. and Roku received a request for additional information from the U.S. Department of Justice on Tuesday as the agency continues its antitrust review of Fox's planned acquisition of the streaming platform company.

Under the HSR Act, that second request keeps the waiting period open until 30 days after both companies have substantially complied, though the DOJ may close the period sooner or the parties may agree to extend it, according to the companies. Both companies characterized the second request as a routine step and indicated they intend to cooperate fully with the agency throughout the review.

Both companies continue to expect the deal to close in the first half of 2027, pending expiration or termination of the HSR waiting period and other customary closing conditions, including stockholder approvals.

The merger agreement, signed on June 14, 2026, calls for Fox to acquire Roku through a two-step merger. Roku would first become a wholly owned subsidiary of Fox, then merge into a Fox subsidiary.

The deal combines Fox's news and sports content portfolio — including Tubi, its free, ad-supported streaming service — with Roku's connected-TV operating system, which is built into millions of televisions and streaming devices. Fox CEO Lachlan Murdoch has said he expects the two businesses to operate separately while selling advertising across them.

The transaction values Roku at approximately $22 billion in enterprise value. Under the deal terms, each Roku share will be exchanged for $96 in cash plus 0.9693 shares of Fox Class A common stock, with the stock component priced at $64 per Roku share. Upon closing, Fox shareholders are expected to own approximately 73% of the combined company. Roku Founder, Chairman, and CEO Anthony Wood will retain a role at the combined company and join the Fox board.

The heightened scrutiny centers on concerns raised by competitors about how a Fox-controlled Roku might handle content discovery, advertising data, and home-screen positioning for rival services, according to TechCrunch. The second request does not indicate the DOJ intends to block the transaction.

Critics have raised questions about political influence in how the DOJ's antitrust division has approached certain major mergers, according to Semafor.