U.S. — The U.S. Department of Justice issued a "second request" for additional information and documentary material to Fox Corp. and Roku on September 8, 2026. This regulatory step extends the review timeline for the proposed $22 billion acquisition as federal authorities examine the merger of streaming hardware and content assets.

Fox Corp. disclosed the receipt of the DOJ's second request in a filing with the Securities and Exchange Commission on September 9, 2026. The companies stated they would continue to work cooperatively with the agency during this phase of the antitrust review process.

"Fox and Roku will continue to work cooperatively with the DOJ in its review," the corporation said in its filing. The Hart-Scott-Rodino Act waiting period extends for 30 days after both companies have substantially complied with the second request. Once compliance is achieved, the agency has an additional 30 days to review the materials and take action if necessary.

Fox Corp. and Roku expect the deal to close in the first half of 2027, subject to regulatory clearance and other customary closing conditions. The transaction remains subject to approval by shareholders of both Fox Corp. and Roku before it can be finalized.

The proposed acquisition of Roku by Fox Corp. is valued at approximately $22 billion in enterprise value. Under the merger agreement signed on June 14, 2026, each Roku share will be exchanged for $96 in cash plus 0.9693 shares of Fox Class A common stock. The stock component of the deal is priced at $64 per Roku share.

Upon closing, Fox shareholders are expected to own approximately 73% of the combined company. The transaction structure involves Roku first becoming a wholly owned subsidiary of Fox, then merging into a Fox subsidiary. Roku Founder, Chairman, and CEO Anthony Wood will retain a role at the combined company and join the Fox board.

Fox Corp. owns news, sports, and entertainment content, as well as Tubi, its free, ad-supported streaming service. Roku operates a connected-TV operating system built into millions of televisions and streaming devices. According to reports, Fox would add Roku's connected-TV software, The Roku Channel, and an audience the firms put at more than 100 million streaming households.

Fox Corp. has stated it is committed to continuing to operate Roku as an open, partner-friendly platform. Fox CEO Lachlan Murdoch has said he expects the two businesses to operate separately while selling advertising across them. Murdoch also commented on the strategic impact of the transaction. The Roku acquisition will transform the scope of the company into high-growth verticals and yield a step change in its overall growth profile, Murdoch said.

What's New

The deal remains subject to approval by shareholders of Fox Corp. and Roku.

Why It Matters

The $22 billion enterprise value of the proposed acquisition shows the scale of consolidation in the streaming sector. The combination brings together Fox Corp.'s content library and Tubi service with Roku's operating system and hardware presence in millions of households. The DOJ's second request signals a detailed examination of how the merged entity might affect competition in connected-TV advertising and distribution.

The extended review process under the Hart-Scott-Rodino Act means the expected closure in the first half of 2027 depends on the speed of regulatory compliance. Shareholder approval from both companies remains a necessary step before the transaction can proceed. The outcome will determine whether the integrated platform operates as a single unit or maintains separate business lines as outlined by leadership.