Fox Corp. said Friday it has closed its acquisition of streaming platform Roku in a deal valued at $22 billion, Variety reported, well ahead of the previously expected 2027 closing date^1,2.

Roku founder and chief executive Anthony Wood will join the Fox board of directors¹. He will serve as co-chair of Fox Digital Platforms, a new division that includes Roku, Tubi, Fox One, Red Seat Ventures and other digital products, alongside Paul Cheesbrough, who will be co-chair and chief executive of the unit¹.

Lachlan Murdoch, Fox’s executive chair and chief executive, said in a statement that “the closing of this acquisition advances the long-term strategy of Fox”¹. Fox said it would keep Roku as an open ecosystem for the streaming industry and would not automatically give Fox News or the Fox One package exclusive or preferred placement on Roku, which Variety said has more than 100 million household customers¹.

Variety said the combination enlarges Fox’s streaming presence and its role in free, ad-supported video through Tubi and the Roku Channel, as well as in digital video advertising and distribution of paid streaming services¹.

Fox said it expects about $400 million of annualized cost synergies within two years of closing and that the deal should add to free cash flow per share by the second full year after closing¹. Variety wrote that the cost figure could imply job cuts; Fox did not announce layoffs in the statements Variety quoted¹.

Techmeme highlighted the same Variety account of the early close and Wood’s board and co-chair roles². Independent confirmation from a Fox or Roku filing on Friday was not reviewed for this report^1,2.