<figure><img src="https://i.insider.com/6aede6688f37e8e0b5baaa98?format=jpeg" height="1000" width="2000" alt="Fox Roku"><figcaption>Fox has bought Roku in a big strategic move under CEO Lachlan Murdoch.<p class="copyright">Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images; Jon Kopaloff/WireImage</p></figcaption></figure><ul class="summary-list"><li>Fox finalized its Roku deal on Friday, months ahead of schedule.</li><li>Owning Roku will give Fox control of two top free streamers.</li><li>Fox told investors that it expects to save $400 million annually from the deal within two years.</li></ul><p><a target="" class="" href="https://www.businessinsider.com/fox-acquire-roku-streaming-deal-2026-6">Fox has bought Roku</a> in a deal that could transform the TV giant into a <a target="" class="" href="https://www.businessinsider.com/fox-roku-deal-free-streaming-tv-viewership-hollywood-netflix-disney-2026-6">free streaming powerhouse</a>.</p><p>The $22 billion deal will help Fox scale its advertising business while giving it control of The Roku Channel in addition to Tubi, the second- and third-largest <a target="_self" rel="" class="" href="https://www.businessinsider.com/youtube-free-streamers-streaming-inflation-disney-hbo-max-netflix-hollywood-2025-12"><u>free streaming services</u></a> by US TV viewership. (YouTube is the clear No. 1.)</p><p>Fox's digital platforms business will be co-led by Paul Cheesbrough and Anthony Wood, the company said in its Friday announcement. Cheesbrough had overseen Tubi Media Group, which includes Tubi, subscription streamer Fox One, and the creator network Red Seat Ventures. Wood founded Roku and had been its CEO.</p><p>"Together we have premium live sports and news, a growing streaming portfolio, and a leading connected TV platform," Cheesbrough and Wood told employees on Friday morning in a memo viewed by Business Insider.</p><p>As part of the deal, Roku executives Charlie Collier and Chris Handman are departing, as is Robyn Peterson, the EVP of AdRise, an adtech platform owned by Fox.</p><p>Tubi CEO Anjali Sud is also leaving for "a new role outside of the company," the memo said.</p><p>Mustafa Ozgen will be Roku's new CEO. He was formerly its president of devices, products, and technology. Pete Distad will continue to lead Fox's streaming business, which will now include Tubi and Frndly TV, a live TV service.</p><p>Here are the five top goals for Fox after buying Roku, according to Cheesbrough and Wood's memo:</p><ol><li><strong>"Grow Platform Share and Engagement: </strong>Expand connected TV device sales and platform engagement through affordability, simplicity and creative partnerships."</li><li><strong>"Lead in Free Ad-Supported Streaming:</strong> Be a top destination for movies, TV shows, podcasts and creator content."</li><li><strong>"Lead in Premium Subscriptions:</strong> Build a compelling destination and bundling ecosystem for premium subscriptions."</li><li><strong>"Win in Performance Advertising:</strong> Invest in AdTech, data and go-to-market capabilities to become the premier advertising partner at scale."</li><li><strong>"Grow our Portfolio Globally:</strong> Use our combined strengths to expand on and off platform in the US and internationally."</li></ol><h2 id="6da6296a-7623-4a12-b0c1-1ab1023cfdcf" data-toc-id="6da6296a-7623-4a12-b0c1-1ab1023cfdcf">Fox supercharges its ad business ahead of schedule</h2><p>The timing of this deal is a surprise. Fox originally said it expected its acquisition of Roku to be finalized in the first half of 2027.</p><p>Fox had said in September the US Department of Justice requested more information about its Roku deal, though the broadcast titan said that move was "expected."</p><p>"Fox quickly closed on Roku before Democrats could control Congress and mount any opposition," said Ross Benes, an analyst at Emarketer, Business Insider's sister company.</p><p>Together, Roku, Tubi, and Fox's broadcast channel and cable networks — which include Fox News and FS1 — generate more TV viewership in the US than Netflix or NBCUniversal, according to Nielsen.</p><p>"Fox has been the only major broadcast network lagging behind streaming scale," said media analyst Mike Proulx of Forrester. "This deal gives Fox more traction in streaming through a backdoor that's not getting enough attention."</p><p>Roku's connected TV platform is in over 100 million households. It drove over $727 million in advertising revenue in its September quarter, up 23% from the year before, the company said on Monday.</p><p>Fox said in its deal announcement on Friday that it expects to generate about $400 million in annual cost savings within two years by buying Roku.</p><p>Gaining The Roku Channel gives Fox another asset in a hot area. As <a target="" class="" href="https://www.businessinsider.com/streaming-inflation-ad-free-tv-cost-increase-peacock-hikes-prices-2026-8">paid streamers raise prices</a>, consumers have been increasingly turning to free services for their TV viewing.</p><p>"Fox will become a powerhouse in free ad-supported TV viewing," Benes said.</p><p><strong>Read the full memo from Cheesbrough and Wood below:</strong></p><blockquote class="blockquote"><section class="blockquote-wrapper">Team,</section><section class="blockquote-wrapper">Lachlan shared this morning that FOX's acquisition of Roku is complete. This is a big day for all of us. To our new Roku colleagues: welcome to FOX. And to everyone across FOX and Roku who made this possible: thank you.</section><section class="blockquote-wrapper">Together we have premium live sports and news, a growing streaming portfolio, and a leading connected TV platform. More importantly, we have talented teams who know how to build, innovate, and deliver for viewers, partners, and advertisers. We have a lot to celebrate—and a lot to build.</section><section class="blockquote-wrapper">With the inclusion of Roku, Tubi Media Group is now FOX Digital Platforms. It brings our digital businesses together around five goals:</section><ol><li><strong><em>Grow Platform Share and Engagement</em>: </strong>Expand connected TV device sales and platform engagement through affordability, simplicity and creative partnerships.</li><li><strong><em>Lead in Free Ad-Supported Streaming</em>: </strong>Be a top destination for movies, TV shows, podcasts and creator content.</li><li><strong><em>Lead in Premium Subscriptions</em>: </strong>Build a compelling destination and bundling ecosystem for premium subscriptions.</li><li><strong><em>Win in Performance Advertising</em>: </strong>Invest in AdTech, data and go-to-market capabilities to become the premier advertising partner at scale.</li><li><strong><em>Grow our Portfolio Globally</em>: </strong>Use our combined strengths to expand on and off platform in the U.S. and internationally.</li></ol><section class="blockquote-wrapper">For our first 100 days, we'll organize around three core teams while we identify the biggest growth opportunities and determine the right long-term structure.</section><section class="blockquote-wrapper"><strong>Roku</strong></section><section class="blockquote-wrapper">Mustafa Ozgen will lead Roku as CEO. He helped grow Roku into a platform reaching more than 100 million households, and we're excited to have him lead its next chapter. Roku's open platform—central to its success with viewers and content partners—will remain open. We intend to protect and build on that strength.</section><section class="blockquote-wrapper">Mustafa will continue to lead Roku's Device, Product and Technology organization and will expand his scope across the business by taking on AdRise advertising product and engineering, the Roku Channel, Streaming Services Partnerships, Roku Subscriptions, Howdy, Roku Pay, and Roku Brand and Creative.</section><section class="blockquote-wrapper"><strong>Direct-to-Consumer</strong></section><section class="blockquote-wrapper">Pete Distad, CEO of FOX Direct-to-Consumer, has built a strong team and has developed, launched, and grown FOX One into a formidable consumer offering. Effective today, Tubi and Frndly TV will join his portfolio. Bringing free and subscription services together creates opportunities to better serve viewers, connect audiences, and build smarter bundles.</section><section class="blockquote-wrapper">Anjali Sud, CEO of Tubi, is taking on a new role outside of the company but will be helping us through the transition. She and her team have helped take Tubi from a challenger brand to a free streaming force. We want to thank her for her extraordinary contributions and wish her every success in her next endeavor.</section><section class="blockquote-wrapper">Mike Bidgoli is being promoted to President of Tubi, reporting to Pete. An early Tubi investor, Mike has led its product and engineering teams with a focus on innovation and execution. The Tubi leadership team will report to Mike.</section><section class="blockquote-wrapper">Andy Karofsky, co-founder and CEO of Frndly TV, and the Frndly team will also join Pete's group. Welcome to FOX.</section><section class="blockquote-wrapper">Lisa Holme, Head of Content for The Roku Channel, will report to Pete and work closely with Adam Lewinson and the Tubi content team. Together they will coordinate content investments, strengthen our programming, and help us compete more effectively for free streaming audiences.</section><section class="blockquote-wrapper"><strong>Office of the CTO</strong></section><section class="blockquote-wrapper">Melody Hildebrandt will continue as our CTO, leading IT, cybersecurity, and cloud infrastructure governance, while coordinating AI adoption across FOX. Jeff Dow, EVP of Platform and Media Technology, will retire at the end of the fiscal year, and the Tempe broadcast and distribution facility will move into Melody's organization.</section><section class="blockquote-wrapper"><strong>Group Leadership</strong></section><section class="blockquote-wrapper">As Lachlan noted, all advertising sales across the portfolio will continue to report to Jeff Collins, President of Advertising Sales at FOX. Gil Fuchsberg will serve as Chief Strategy Officer, reporting to both of us. He will lead group strategy and continue to oversee major retailer and OEM deals.</section><section class="blockquote-wrapper">Supporting the whole group: Finance, led by Andy Croxson, CFO; Human Resources, led by Pooja Dalal, SVP of HR; Legal, led by Angie Park, EVP, General Counsel of FOX Digital Platforms; and Communications, led by Seana Sullivan, SVP of Corporate Communications. Some members of legal, finance and HR will also become part of the wider corporate functions across FOX, and those teams will hear more directly.</section><section class="blockquote-wrapper"><strong>Red Seat Ventures and Credible</strong></section><section class="blockquote-wrapper">Red Seat Ventures, led by CEO and co-founder Chris Balfe, is growing quickly in the creator economy, with two shows currently in YouTube's top five. Credible, led by CEO Robert Humann, is making financial decisions simpler and more transparent through technology. Both businesses will continue to report to Paul and have our full support.</section><section class="blockquote-wrapper"><strong>Thank You to Three Valued Leaders</strong></section><section class="blockquote-wrapper">We're also saying goodbye to three leaders who have made major contributions to these businesses. Charlie Collier, President of Roku Media, has had a major impact on Roku's advertising and content businesses. Chris Handman, SVP and General Counsel at Roku, has been instrumental in Roku's success. And Robyn Peterson, EVP of AdRise, helped FOX unify ad inventory and measurement across the portfolio. We're grateful to each of them and wish them the very best.</section><section class="blockquote-wrapper"><strong>What Happens Next</strong></section><section class="blockquote-wrapper">We won't have every answer on Day 1. We'll share decisions as they're made, be clear about what's still open, and keep moving. Our priorities remain the same: build great products, serve our viewers and partners, and support each other.</section><section class="blockquote-wrapper">We'll host Town Halls in San Jose and San Francisco on Monday; the FOX Lot and Santa Monica on Tuesday; Austin Wednesday and New York Thursday with international offices to follow. Here we'll go deeper on the strategy, meet colleagues across the combined business, and answer your questions directly. You can expect invites shortly.</section><section class="blockquote-wrapper">This is the start of an exciting chapter. We have the opportunity to build something special together, and we're ready to get to work.</section><section class="blockquote-wrapper">Paul & Anthony</section></blockquote><div class="read-original">Read the original article on <a href="https://www.businessinsider.com/fox-buys-roku-free-streaming-tv-tubi-advertising-2026-11">Business Insider</a></div>
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