In an expected development, Fox Corp. shareholders and Roku voted in favor of Fox’s acquisition of the video streaming platform company for $22 billion.
At separate special shareholder meetings Wednesday to vote on the deal, the majority of shares held by Fox Corp. and Roku investors were supportive of the deal.
The proposed deal with Roku was overwhelmingly approved by Fox shareholders: 99.9% of the votes cast by holders of outstanding Class B common stock entitled to vote were in favor of the deal, according to a Fox filing with the SEC. Of the actions voted on, 197.4 million were for; 71,891 were against; and 45,001 abstained. Official vote tallies from the Roku meeting are also expected to be filed with the SEC soon.
In June, Fox announced a deal to buy Roku for $160/share, for a combination of approximately $14.2 billion in cash and the remainder in Fox Class A common stock.
Fox currently expects the Roku acquisition to be completed in the first half of calendar year 2027, subject to clearance from the Department of Justice and other regulators.
Last month, Fox revealed that the DOJ had requested additional documents related to the proposed Roku acquisition, which Fox said was expected. The DOJ’s second request for documents extended the waiting period under the Hart-Scott-Rodino Antitrust Act by 30 days (during which parties cannot close the deal) after Fox and Roku “substantially responded” to the request for information.
The deal would significantly improve Fox’s streaming footprint and give it the opportunity to increase its size in the free, ad-supported streaming space through Fox’s Tubi and the Roku Channel. By purchasing Roku, the TV-focused company would become a much larger player in digital video advertising as well as a major player in premium subscription VOD distribution.
The Roku acquisition “will transform our company’s reach into high-growth verticals and drive a step change in our overall growth profile,” Fox Corp. CEO Lachlan Murdoch said when announcing the deal in June.
Fox said it is “committed to continuing to operate Roku as an open, partner-friendly platform.” Roku founder and CEO Anthony Wood will take on a permanent role at the combined company.
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