Fox Corporation has completed its $22 billion cash-and-stock acquisition of Roku, creating a combined media and technology company that links Fox’s news, sports and broadcast channels with Roku’s open connected-TV platform. The transaction, which includes debt in its valuation, gives Fox direct access to a platform reaching 100 million households globally and advances its effort to offset the decline of traditional pay-TV distribution. Fox already owns the free ad-supported streaming service Tubi, which became profitable last year, and expects about $400 million in cost reductions within two years of the acquisition. The combined company is the third-largest U.S. television business by viewership, according to the existing deal description. Roku will remain open to content from competitors. Roku founder Anthony Wood joins the Fox board and will co-chair Fox Digital Platforms, a newly formed division encompassing Roku, Tubi, Fox One and Red Seat Ventures, alongside Paul Cheesbrough, who will be co-chair and chief executive. Roku holders received $95.30 in cash and 0.9799 Fox Class A shares for each Roku Class A or Class B share, leaving Fox stockholders with about 74% of Fox’s outstanding common stock and former Roku holders with approximately 26%. Roku shares stopped trading on Nasdaq Friday, months ahead of the companies’ original target of the first half of 2027.