Fox Corporation has completed its acquisition of Roku in a deal valued at around A$32 billion, bringing one of the largest connected TV platforms under the same roof as Fox’s growing streaming portfolio.

The transaction closed months earlier than initially anticipated. When Fox announced the agreement in June, it expected the acquisition to be completed during the first half of 2027.

The deal gives Fox access to Roku’s connected TV ecosystem, which reaches more than 100 million households globally, while combining the platform with Fox’s sports, news, entertainment and local programming. Roku will now sit alongside Tubi, Fox One and Red Seat Ventures within the newly established Fox Digital Platforms division.

Fox expects the combination to generate approximately A$582 million in annual run-rate cost savings within two years of closing, based on the exchange rate at the time. The company also expects opportunities to generate additional revenue as it brings its content and advertising operations closer to Roku’s platform.

The acquisition followed an antitrust review by the US Department of Justice, which closed its investigation after Fox agreed to several conditions designed to preserve Roku’s position as an open platform.

Fox has committed to carrying non-Fox content on Roku for at least three years, while also agreeing not to favour its own programming in search results. Users will continue to be able to rearrange applications on Roku home screens, while data products will remain available to third parties on commercially reasonable terms. Existing protections around competitively sensitive data from non-Fox content providers will also remain in place for at least three years.

Roku founder Anthony Wood will join the Fox board and become co-chair of Fox Digital Platforms alongside Paul Cheesbrough, who will also serve as chief executive of the division.

The merger has also prompted changes to the executive ranks. Tubi chief executive Anjali Sud and Roku Media president Charles Collier are among the executives departing following completion of the transaction.

Under the final deal structure, former Fox shareholders own approximately 74 per cent of the combined company, while former Roku shareholders hold about 26 per cent. Roku shares have also ceased trading on the Nasdaq following completion of the acquisition.

The deal represents a significant expansion of Fox’s streaming ambitions, giving the company ownership of both content services and one of the world’s largest connected TV distribution platforms.