Fox Shareholders approve $22 billion acquisition of streaming platform Roku

Shareholders just approved a massive media deal that will change how millions watch TV. Investors at Fox and Roku voted to clear a $22 billion cash and stock acquisition at special meetings. Fox, run by Lachlan Murdoch, is paying $160 a share to bring Roku into the fold. Roku, founded back in 2002, reaches around 100 million global streaming homes through its connected TV platform and sits in more than half of all United States broadband households. Fox operates its namesake broadcast network, cable channels like Fox News, and major sports rights including the National Football League and Major League Baseball. When the dust settles, Fox Shareholders will own about 73% of the combined business, while Roku investors will take the remaining 27%. Roku founder and chief executive Anthony Wood will keep an ongoing role and join the Fox board. John Nallen, president and chief operating officer at Fox, told investors last month that the transaction remains on track to close in the first half of next year despite a fresh review by regulators at the United States Department of Justice. This is just the latest massive shakeup in the entertainment world, following close behind the recent merger of Paramount and Warner Bros. Discovery into Skydance. For you, the shift means the streaming device plugged into your living room wall is now backed by a legacy broadcast giant, changing where live sports and television ads land.