- Fox finalized its Roku deal on Friday, months ahead of schedule.
- Owning Roku will give Fox control of two top free streamers.
- Fox told investors that it expects to save $400 million from the deal.
Fox has bought Roku in a deal that could transform the TV giant into a free streaming powerhouse.
The timing of the $22 billion deal is a surprise. Fox originally said it expected its Roku acquisition to be finalized in the first half of 2027.
Buying Roku will help Fox scale its advertising business while giving it control of The Roku Channel and Tubi, the second- and third-largest free streaming services by US TV viewership. YouTube is the clear No. 1.
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.
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.
"Our top priority for the combined company is to continue to relentlessly serve audiences and partners," Fox CEO Lachlan Murdoch said in a statement.
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