Fox wraps up its $22 billion Roku deal

Photo: Amy Skorheim for Engadget / Edits: Will Shanklin / Logo: Fox Corp.

Days after American voters soundly rejected the narratives sold by the Fox Corporation's "news" division, the company has expanded its digital empire. It's now officially the owner of Roku, in a $22 billion deal announced in June. The five-month turnaround is unusually short for a merger of this size, but the Trump Justice Department cleared it nonetheless following a review.

Roku reaches over 100 million households globally, serving as a gateway to streaming platforms like Netflix, YouTube TV and Disney+. It also sells ads and subscription bundles, while owning another streaming service, Tubi. Ironically, Fox sold its Roku shares in 2020 to help fund its Tubi acquisition.

The closure follows reports that Fox News' viewership dropped 27 percent year over year in October. By comparison, CNN's viewership grew by 3 percent and MS NOW (formerly MSNBC) rose by 16 percent. However, Fox News' viewership is still higher than CNN and MS NOW's combined.

Roku founder Anthony Wood will join Fox's board. He'll co-lead Fox Digital Platforms, a new division overseeing Roku, Tubi, Fox One and other digital brands.

What this means for Roku owners isn't yet clear. But given the media empire's inclination toward right-wing politics, it's hard to imagine the company passing up the opportunity to deploy Roku as another megaphone. For what it's worth, Fox says Roku will remain an "open platform" for every content partner. However, the worry is less about what services the company removes and more about what gets promoted on the home screen.