DOJ / HSR
Hart-Scott-Rodino antitrust filing
HSR waiting period triggered on announcement June 15, 2026. Fox agreed in merger agreement to divest Roku assets if required. Both companies expect thorough review given advertising market concentration concerns.
International Antitrust
Non-US regulatory approvals
Fox and Roku must clear regulatory approvals in multiple international jurisdictions. Roku operates in Canada, Mexico, and select European markets. Timeline dependent on DOJ outcome.
FCC
Broadcast license review
Fox holds broadcast licenses subject to FCC review for ownership changes. Standard process but adds a parallel timeline to DOJ clearance.
Shareholder Vote
Fox Class B and Roku votes
Roku founder Anthony Wood controls majority of Roku voting power and signed voting support agreement in favor. Fox Class B shareholder vote on stock issuance required. Lower execution risk given Wood's commitment.
Platform Neutrality
Open platform commitments
Fox and Roku pre-committed to keeping Roku an open partner-friendly platform. Netflix, Disney+, Max, and other apps depend on Roku distribution. DOJ will monitor whether commitments are honored and whether Fox advantages Tubi or Fox One at OS level.
Ad Market Concentration
CTV advertising stack review
Combined Fox plus Roku controls 44% of US CTV OS viewing hours and two of the three largest FAST services. DOJ may frame review as an advertising market concentration case rather than a content case. This path creates longer review and possible behavioral conditions.
Business Deal
Structure and financing
Deal unanimously approved by both boards June 15, 2026. Fox pays $96 cash plus 0.9693 FOXA shares per Roku share. Fox secured $12 billion loan for cash portion. Expected close H1 2027. Post-close Fox shareholders own 73%, Roku shareholders 27%.