JUSTICE DEPARTMENT CLOSES ANTITRUST INVESTIGATION INTO FOX’S $22 BILLION ROKU ACQUISITION FOLLOWING COMPETITION REVIEW

WASHINGTON, D.C. — The U.S. Department of Justice announced on November 6, 2026, that its Antitrust Division has closed its investigation into FOX Corporation’s proposed $22 billion acquisition of Roku Inc., concluding that the transaction is unlikely to substantially harm competition in the connected television and free, ad-supported streaming markets. The decision follows a federal review examining whether the merger could give FOX an unfair competitive advantage over rival streaming services or allow the company to restrict access to Roku’s widely used entertainment platform.

FOX announced its intention to acquire Roku on June 15, 2026, in a transaction valued at approximately $22 billion. The proposed acquisition would bring together FOX’s media businesses, including FOX News Media, FOX Entertainment, FOX Television Stations, and the free streaming service Tubi, with Roku’s connected television platform, consumer electronics products, and advertising-supported streaming operations. Roku also owns The Roku Channel, placing both companies within the market for free television and streaming entertainment supported by advertising revenue.

The acquisition attracted federal antitrust scrutiny because of the companies’ overlapping activities and Roku’s position as a platform connecting consumers with hundreds of independent streaming applications. The Justice Department examined whether combining FOX’s content businesses with Roku’s distribution technology could create incentives to favor FOX-owned programming, disadvantage competing services, or interfere with the ability of other entertainment providers to reach viewers.

As part of its investigation, the Antitrust Division issued second requests to FOX and Roku, requiring additional information and documentation concerning the proposed transaction. The review focused on competition among free, ad-supported streaming providers and the potential consequences of FOX gaining control over a platform used by competing media companies.

Following its review, the division determined that the entry of additional free, ad-supported streaming providers would likely be sufficiently timely and effective to reduce the risk of substantial competitive harm. The Justice Department also concluded that Roku’s dependence on offering a broad selection of content would discourage the combined company from restricting competing services. Limiting access to popular third-party applications could reduce Roku’s attractiveness to consumers and expose the company to financial and reputational consequences.

The department further considered the ability of consumers to switch between connected television platforms. If FOX were to use Roku’s technology to disadvantage competing content providers or diminish the platform’s functionality, viewers could choose alternative devices and entertainment services. Federal investigators determined that these competitive pressures would make such conduct less attractive to the combined company under the circumstances examined.

FOX also provided commitments intended to preserve Roku’s existing relationships with independent content providers following the acquisition. One of those commitments requires the company to continue carrying non-FOX content on Roku for at least three years, consistent with the platform’s historical practices. This provision addresses concerns that FOX could use its ownership of Roku to exclude rival streaming applications or reduce the selection of programming available to consumers.

A separate commitment prohibits discrimination against non-FOX content in Roku search results. FOX also agreed to preserve users’ ability to rearrange application placement on the Roku home screen. These measures address the possibility that the combined company could use the platform’s search and interface functions to steer viewers toward FOX-owned services while making competing applications more difficult to locate or access.

The agreement also addresses access to data generated through Roku’s commercial relationships with other streaming providers. FOX committed to continuing the provision of data products to third parties on commercially reasonable terms consistent with Roku’s standard distribution agreement. Such information can be valuable to participating services seeking to understand how viewers discover content, interact with applications, and use connected television platforms.

Another safeguard concerns competitively sensitive information belonging to non-FOX content providers. FOX agreed to maintain existing contractual firewall commitments for at least three years, covering both aggregated and individual data obtained or inferred from the commercial activities of competing services. The protected information includes data associated with user clicks, searches, viewing activity, voice interactions, and other uses of Roku products.

These commitments are intended to address the risk that FOX could obtain an informational advantage over competing streaming services through its control of Roku’s technology infrastructure. The Justice Department’s announcement identifies the commitments as part of the circumstances supporting its decision to close the investigation, although it does not describe a separate judicial consent decree or announce a court-supervised settlement.

The Antitrust Division ultimately determined that the available evidence did not justify continuing its investigation under the circumstances presented. Its conclusion reflects an assessment of the transaction’s anticipated competitive effects, including the availability of alternative streaming providers, consumer switching options, and FOX’s commitments concerning platform neutrality and third-party access.

The Justice Department emphasized that closing the investigation does not end its responsibility to monitor competition in the industry. Federal authorities stated that they will continue evaluating market developments and may take appropriate action if changing circumstances or new evidence raise competitive concerns. The announcement also does not establish that the acquisition has been completed; it addresses the conclusion of the department’s antitrust investigation into the proposed transaction.

The decision represents a significant development for the proposed $22 billion merger and the broader connected television market. While federal investigators concluded that the transaction is unlikely to harm competition based on the evidence reviewed, the commitments concerning independent content access, search neutrality, and sensitive commercial data will remain important as FOX and Roku move forward. The long-term competitive consequences will depend on how the combined business operates, whether the commitments are maintained, and how effectively competing streaming services continue to reach consumers through the platform.

Roku, Inc., Form 8-K Current Report, U.S. Securities and Exchange Commission (SEC), September 8, 2026, six pages. Commission File No. 001-38211. Documents the DOJ’s formal Second Request for additional information concerning the proposed FOX–Roku merger and the resulting extension of the federal antitrust review period. (Free Download)

FOX Corporation, Form 8-K Current Report, U.S. Securities and Exchange Commission (SEC), September 8, 2026, five pages. Commission File No. 001-38776. Documents the DOJ’s formal request for additional information concerning the proposed FOX–Roku merger and the extension of the federal antitrust review period. (Free Download)

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